Canaccord Genuity analyst Sumant Kulkarni maintained a Buy rating on GH Research yesterday and set a price target of $35.00.
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Sumant Kulkarni has given his Buy rating due to a combination of factors related to GH Research’s ongoing developments and future potential. The company has shown promising Phase 2b data for its inhaled mebufotenin (GH001) aimed at treating treatment-resistant depression. Despite an FDA clinical hold on its investigational new drug for GH001, GH Research is actively working to resolve the issue, which is crucial for advancing clinical trials in the US.
Additionally, the company plans to initiate a global pivotal program for treatment-resistant depression by 2026 and is engaging with the FDA to address remaining concerns, likely related to toxicology. Kulkarni maintains a positive outlook on the stock, modeling a 50% probability of approval for GH001 and projecting potential peak sales by 2036. The analyst’s price target remains at $35, reflecting confidence in the company’s strategic direction and potential market impact.
Kulkarni covers the Healthcare sector, focusing on stocks such as Biogen, ACADIA Pharmaceuticals, and CervoMed. According to TipRanks, Kulkarni has an average return of 7.7% and a 44.35% success rate on recommended stocks.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $19.00 price target.