GH Research (NASDAQ:GHRS) Reaches New 12-Month High Following Earnings Beat

Key Points

• GH Research shares reached a new 52-week high of $31.41 after the clinical-stage biotech reported quarterly EPS of negative $0.23, beating analyst expectations of negative $0.29.
• Analyst sentiment is generally positive: ten analysts rate the stock Buy and two rate it Sell, resulting in a “Moderate Buy” consensus and an average price target of $42.78.
• Institutional investors and hedge funds own 56.9% of the company, while GH Research continues developing psychedelic-inspired treatments for neuropsychiatric disorders, led by its GH001 program for treatment-resistant depression.

GH Research PLC (NASDAQ:GHRS - Get Free Report) reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $31.41 and last traded at $30.99, with a volume of 22610 shares. The stock had previously closed at $30.64.

The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.06.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GHRS. Needham & Company LLC upped their target price on shares of GH Research from $32.00 to $39.00 and gave the stock a "buy" rating in a research report on Thursday. Cantor Fitzgerald boosted their price objective on shares of GH Research from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday. Citizens Jmp reduced their price objective on GH Research from $42.00 to $39.00 and set a "market outperform" rating on the stock in a report on Friday, May 15th. HC Wainwright lowered their target price on GH Research from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Tuesday, May 19th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of GH Research in a research report on Friday, July 17th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $42.78.

Hedge Funds Weigh In On GH Research

Several large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. bought a new position in GH Research in the second quarter valued at approximately $79,000. BNP Paribas Financial Markets raised its position in shares of GH Research by 165.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 17,010 shares of the company's stock valued at $207,000 after acquiring an additional 10,600 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of GH Research by 63.6% in the 2nd quarter. Osaic Holdings Inc. now owns 6,175 shares of the company's stock valued at $75,000 after purchasing an additional 2,400 shares during the period. UBS Group AG boosted its position in shares of GH Research by 11.5% in the 3rd quarter. UBS Group AG now owns 511,464 shares of the company's stock worth $7,314,000 after purchasing an additional 52,882 shares during the last quarter. Finally, Lynx1 Capital Management LP boosted its position in shares of GH Research by 27.5% in the 3rd quarter. Lynx1 Capital Management LP now owns 8,601,189 shares of the company's stock worth $122,997,000 after purchasing an additional 1,854,238 shares during the last quarter. 56.90% of the stock is currently owned by institutional investors and hedge funds.

GH Research Price Performance

The business has a 50 day moving average of $25.57 and a 200 day moving average of $20.09. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of -33.42 and a beta of 1.29.

GH Research Company Profile

GH Research Holdings Inc is a clinical-stage biotechnology company dedicated to the development of novel treatments for neuropsychiatric disorders through the application of psychedelic-inspired compounds. Headquartered in Dublin, Ireland, the company focuses on harnessing the unique pharmacology of 5-methoxy-N-dimethyltryptamine (5-MeO-DMT) and related molecules to address high unmet medical needs in mental health.

The firm's lead program, GH001, is an inhaled formulation of 5-MeO-DMT that has completed early-stage clinical trials assessing safety, tolerability and preliminary efficacy in treatment-resistant depression.

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