H.C. Wainwright has reiterated its Buy rating and $45 price target on NRx Pharmaceuticals Inc. (NASDAQ: NRXP), citing progress across multiple pipeline programs and a strengthened financial position.
The stock has rallied over 90% in the past six months, lifting its market capitalization to $158.77 million, though shares closed at $3.67 on Tuesday, slightly above InvestingPro’s fair value estimate. The company completed an underwritten offering in June, raising $22.3 million and boosting its cash position to $26.7 million as of June 30, extending its runway through at least the first quarter of 2027.
NRx is advancing several regulatory milestones, with the FDA completing a first-cycle review of the KETAFREE abbreviated New Drug Application for preservative-free IV ketamine, noting no major deficiencies. Management targets approval and first commercial sales in 2026. The NRX-100 new drug application is expected to finalize in the third quarter of 2026, with a potential 2027 approval.
The company has also secured more than $11.5 million in anticipated non-dilutive funding through its selection as a DARPA prime contractor for the SPARC-TMS program, which re-scopes NRX-101 for treatment-resistant depression. Additionally, Swiss courts awarded NRx the GeNeuro asset portfolio in June.
NRx faces legal and operational challenges, including a dispute with Kadima Neuropsychiatry Institute over a failed acquisition by subsidiary HOPE Therapeutics. The company initiated arbitration alleging Kadima failed to meet closing conditions, while Kadima filed a lawsuit alleging breach of contract and misrepresentation. HOPE Therapeutics has also begun AI-guided transcranial magnetic stimulation treatments in Florida using Zeta Surgical’s FDA-cleared navigation system.
Analysts at H.C. Wainwright did not provide additional rationale for the price target beyond the company’s pipeline progress and financial position.
