GH Research (NASDAQ:GHRS) Shares Up 5.7% - Here's Why

Key Points

• GH Research shares rose 5.7% to $24.75, with trading volume reaching roughly 899,000 shares—about three times the average daily volume.
• Analyst sentiment is broadly positive: 10 analysts rate the stock a Buy, while the consensus target price is $45.00. Recent targets range from $40 at Guggenheim to $65 at New Street Research, though one firm maintains a Sell rating.
• The clinical-stage biopharmaceutical company reported quarterly EPS of negative $0.23, beating estimates by $0.06. Its lead program, GH001, is an inhaled 5-MeO-DMT treatment being studied for treatment-resistant depression.

GH Research PLC (NASDAQ:GHRS - Get Free Report) traded up 5.7% on Tuesday. The stock traded as high as $24.90 and last traded at $24.75. Approximately 899,364 shares traded hands during mid-day trading, an increase of 200% from the average daily volume of 299,756 shares. The stock had previously closed at $23.42.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GHRS. Guggenheim upped their target price on GH Research from $34.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Wells Fargo & Company initiated coverage on shares of GH Research in a research note on Monday, July 27th. They set an "overweight" rating and a $44.00 price objective on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of GH Research in a research report on Friday, July 17th. Zacks Research upgraded shares of GH Research from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Finally, New Street Research set a $65.00 target price on GH Research in a research note on Monday, August 10th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $45.00.

GH Research Price Performance

The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -24.52 and a beta of 1.27. The business's 50-day simple moving average is $28.10 and its two-hundred day simple moving average is $23.30.

GH Research (NASDAQ:GHRS - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.06. Equities research analysts forecast that GH Research PLC will post -1.2 earnings per share for the current year.

Institutional Trading of GH Research

Several hedge funds have recently modified their holdings of GHRS. North Star Investment Management Corp. bought a new position in GH Research in the first quarter worth approximately $31,000. Royal Bank of Canada lifted its holdings in shares of GH Research by 43.1% in the 1st quarter. Royal Bank of Canada now owns 2,590 shares of the company's stock worth $36,000 after purchasing an additional 780 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in GH Research in the 1st quarter valued at $290,000. Squarepoint Ops LLC bought a new stake in GH Research during the 2nd quarter valued at $495,000. Finally, BIT Capital GmbH bought a new stake in GH Research during the 4th quarter valued at $635,000. Institutional investors own 56.90% of the company's stock.

About GH Research

GH Research plc is a clinical-stage biopharmaceutical company headquartered in Dublin, Ireland. Founded in 2018, the company focuses on developing novel therapies for psychiatric and neurological disorders, with an emphasis on treatments that may offer rapid effects.

Its lead program, GH001, is an inhaled formulation of mebufotenin, also known as 5-MeO-DMT, being studied for treatment-resistant depression. GH Research is also developing additional formulations and delivery approaches based on mebufotenin, including the GH002 program.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.