Helus Pharma (HELP) PT Lowered to $70 at H.C. Wainwright

H.C. Wainwright analyst Patrick R. Trucchio lowered the price target on Helus Pharma (NASDAQ: HELP) to $70.00 (from $95.00) while maintaining a Buy rating.

The analyst commented: "In its F4Q26 results, reported June 29, Helus reaffirmed that the Phase 3 APPROACH top-line readout remains on track. Importantly, the setup into that readout appears increasingly de-risked, in our view, for two reasons: (1) APPROACH has surpassed 88% enrollment, with recruited participants at approximately the same baseline severity as in Phase 2; and (2) the psychedelic 5-HT2A mechanism has now received external, registration-grade validation — following positive top-line data across two pivotal Phase 3 trials in treatment-resistant depression (TRD) from COMPASS Pathways' COMP360, including positive six-month durability data (COMP006 Part B reported July 7), as well as the first positive pivotal dataset in MDD from Definium Therapeutics' DT120. Helus also advanced HLP004 in generalized anxiety disorder (GAD), reporting positive Phase 2 top-line data and targeting completion of the next study's design by end-3Q26. Separately, Helus closed a $50 million underwritten offering on June 25. Reflecting the associated dilution, along with a one-year deferral in our modeled launch timelines — HLP003 to F2029E (from F2028E) and HLP004 to F2030E (from F2029E), consistent with guidance toward a 2028 MDD new drug application (NDA) submission — we are lowering our price target to $70 (from $95). We reiterate our Buy rating ahead of the APPROACH readout, which we view as the stock's key catalyst and Helus' own first pivotal validation of a mechanism now externally de-risked, while noting that HLP003's efficacy on top of background antidepressant therapy remains the central unknown."

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