Needham & Company LLC Raises GH Research (NASDAQ:GHRS) Price Target to $39.00

Key Points

• Needham raised GH Research’s price target to $39 from $32 while maintaining a “buy” rating, implying approximately 27% upside from the prior close.
• Analyst sentiment is broadly positive: GH Research has a consensus “Moderate Buy” rating and an average price target of $41.56, although two analysts rate the stock a sell.
• GH Research shares recently traded at $30.71, near their 12-month high of $31.00. The clinical-stage biotechnology company is developing psychedelic-inspired treatments for neuropsychiatric disorders, including its lead depression program, GH001.

GH Research (NASDAQ:GHRS - Get Free Report) had its price target upped by analysts at Needham & Company LLC from $32.00 to $39.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price objective points to a potential upside of 26.97% from the company's previous close.

Several other equities analysts have also recently issued reports on GHRS. HC Wainwright reduced their target price on GH Research from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Tuesday, May 19th. Cantor Fitzgerald boosted their price target on GH Research from $25.00 to $35.00 and gave the company an "overweight" rating in a research note on Friday, May 15th. Citigroup reaffirmed an "outperform" rating on shares of GH Research in a research report on Friday, May 15th. Wells Fargo & Company initiated coverage on GH Research in a report on Monday, July 27th. They set an "overweight" rating and a $44.00 price target for the company. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of GH Research in a research note on Friday, July 17th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $41.56.

GH Research Price Performance

GH Research stock traded up $1.58 during mid-day trading on Thursday, hitting $30.71. The company's stock had a trading volume of 341,496 shares, compared to its average volume of 306,184. The business has a 50 day moving average price of $25.41 and a 200-day moving average price of $20.00. GH Research has a 12 month low of $11.32 and a 12 month high of $31.00. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -33.39 and a beta of 1.29.

GH Research (NASDAQ:GHRS - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, topping analysts' consensus estimates of ($0.30) by $0.07. On average, equities research analysts expect that GH Research will post -1.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its position in shares of GH Research by 43.1% in the first quarter. Royal Bank of Canada now owns 2,590 shares of the company's stock valued at $36,000 after buying an additional 780 shares during the last quarter. Barclays PLC increased its holdings in GH Research by 63.4% in the 4th quarter. Barclays PLC now owns 2,118 shares of the company's stock valued at $27,000 after purchasing an additional 822 shares during the last quarter. North Star Investment Management Corp. acquired a new stake in shares of GH Research in the first quarter valued at $31,000. Osaic Holdings Inc. grew its stake in shares of GH Research by 63.6% in the second quarter. Osaic Holdings Inc. now owns 6,175 shares of the company's stock worth $75,000 after acquiring an additional 2,400 shares in the last quarter. Finally, Jefferies Financial Group Inc. boosted its holdings in GH Research by 0.4% in the fourth quarter. Jefferies Financial Group Inc. now owns 712,300 shares of the company's stock valued at $9,046,000 after purchasing an additional 2,988 shares during the period. Hedge funds and other institutional investors own 56.90% of the company's stock.

About GH Research

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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