GH Research (NASDAQ:GHRS) Shares Up 6.9% – Time to Buy?

Shares of GH Research PLC (NASDAQ:GHRS) were up 6.9% during mid-day trading on Wednesday . The stock traded as high as $15.31 and last traded at $15.09. Approximately 485,932 shares traded hands during trading, a decline of 74% from the average daily volume of 1,853,554 shares. The stock had previously closed at $14.12.

Analyst Upgrades and Downgrades

GHRS has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of GH Research in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of GH Research from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Citigroup restated a “market outperform” rating on shares of GH Research in a research note on Tuesday. Guggenheim reaffirmed a “buy” rating and set a $29.00 price target on shares of GH Research in a research report on Monday. Finally, Canaccord Genuity Group boosted their price objective on GH Research from $35.00 to $39.00 and gave the company a “buy” rating in a report on Tuesday. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.11.

GH Research Trading Down 13.4%

The stock’s 50-day moving average price is $13.89 and its 200-day moving average price is $13.79. The company has a market capitalization of $809.07 million, a P/E ratio of -21.01 and a beta of 0.98.

GH Research (NASDAQ:GHRS) last issued its earnings results on Thursday, November 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.23). Sell-side analysts expect that GH Research PLC will post -0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. increased its position in 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 buying an additional 2,400 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of GH Research in the 2nd quarter worth about $79,000. Virtus Investment Advisers LLC acquired a new stake in shares of GH Research in the 2nd quarter worth about $89,000. BNP Paribas Financial Markets lifted its position in GH Research by 165.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 17,010 shares of the company’s stock valued at $207,000 after purchasing an additional 10,600 shares during the last quarter. Finally, Palumbo Wealth Management LLC boosted its stake in GH Research by 68.2% during the 2nd quarter. Palumbo Wealth Management LLC now owns 21,651 shares of the company’s stock valued at $264,000 after purchasing an additional 8,782 shares during the period. 56.90% of the stock is currently owned by institutional investors.

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.