Investing.com - JMP Securities maintained its Market Outperform rating and $39.00 price target on GH Research PLC (NASDAQ: GHRS ) Tuesday, following positive Phase 3 results from a competitor in the psychedelics space.
The decision comes after Compass Pathways reported successful outcomes from its Phase 3 COMP005 study in treatment-resistant depression (TRD) Tuesday morning, which JMP views as a positive indicator for the broader psychedelic therapy sector.
JMP’s maintained price target for GH Research is based on a risk-adjusted, discounted cash flow analysis of the company’s potential market position and growth trajectory.
The firm expressed continued confidence in GH001, GH Research’s lead investigational product, citing its "demonstrated magnitude of benefit" as a key differentiating factor in the competitive landscape.
JMP’s analysis suggests the positive results from Compass Pathways’ trial create a favorable outlook for companies developing psychedelic-based therapies for treatment-resistant depression, a category that includes GH Research’s pipeline products.
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