H.C. Wainwright has reaffirmed its buy recommendation for NRx Pharmaceuticals (NASDAQ: NRXP) with a price target of $45, citing progress across the company’s development pipeline and an improved financial position.
The firm’s reiteration comes as NRx Pharmaceuticals advances several programs, including the abbreviated new drug application for KETAFREE, a preservative-free intravenous ketamine treatment. The FDA completed its first-cycle review of the ANDA without significant deficiencies, and a manufacturing issue involving a luer lock vial connector has been resolved with the agency, the analyst noted.
NRx Pharmaceuticals also continues to progress NRX-100 under a New Drug Application, with the company targeting approval in the first quarter of 2027. The timeline follows an expected NDA submission in the third quarter of 2026. Additionally, the biotech is evaluating NRX-101, originally developed for bipolar suicidal depression under the DARPA SPARC-TMS program, now being tested in an FDA-approved Phase 2/3 trial for treatment-resistant depression in combination with robotic transcranial magnetic stimulation.
The company’s financial position has strengthened, with cash reaching $26.7 million as of June 30, up from $22.3 million raised in a public offering. NRx Pharmaceuticals also expects more than $11.5 million in non-dilutive funding for its SPARC-TMS program. The analyst highlighted that the company’s runway extends at least through the first quarter of 2027.
NRx Pharmaceuticals’ stock has gained over 90% over the past six months, closing at $3.67 on Tuesday. The company’s market capitalization stands at approximately $158.8 million. The analyst’s $45 price target implies significant upside potential from current levels.
The biotech’s operational updates include the Swiss court’s June decision to award NRx the asset portfolio of GeNeuro, following a legal dispute with the Kadima Neuropsychiatry Institute over a failed acquisition. NRx also operates HOPE Therapeutics, a subsidiary focused on AI-guided transcranial magnetic stimulation treatments in Florida, utilizing Zeta Surgical’s FDA-approved navigation system for real-time image guidance.
