In a report released on January 19, Vernon Bernardino from H.C. Wainwright reiterated a Buy rating on NRX Pharmaceuticals (NRXP – Research Report), with a price target of $2.00.
Vernon Bernardino has given his Buy rating to NRX Pharmaceuticals based on the promising outlook for the company’s novel treatment, NRX-100, which is a formulation of intravenous ketamine being developed for patients with acute suicidality and depression. Bernardino’s optimism is fueled by the company’s strategic move to create a new subsidiary, Hope Therapeutics, aimed at bringing NRX-100 to the market. The unique positioning of NRX Pharmaceuticals, holding the only known commercial Investigational New Drug application for this purpose, alongside their planned approach to the FDA for a New Drug Application, sets the stage for a potential near-term commercial opportunity that could significantly benefit the company. Bernardino’s confidence in the stock is reflected in his reiterated Buy rating and $2.00 price target.
Further bolstering the rating are the strong data supporting NRX-100’s efficacy. Bernardino notes the positive results from randomized, placebo-controlled clinical trials and data sharing agreements, which have demonstrated IVK’s effectiveness over existing treatments like electroconvulsive therapy. Additionally, the recent regulatory changes by the FDA concerning off-label use and compounding of ketamine have accelerated NRX’s strategy to develop a commercial form of IVK. A partnership with Nephron Pharmaceuticals to develop a proprietary, diversion-resistant formulation of ketamine strengthens the case for NRX-100’s potential acceptance within the medical community. Bernardino’s analysis suggests that the company’s efforts to label and present ketamine in a modern formulation for treating suicidality and depression could meet a favorable reception, contributing to a positive outlook for the stock.
See the top stocks recommended by analysts >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
NRX Pharmaceuticals (NRXP) Company Description:
Big Rock Partners Acquisition Corp. is a blank check company, which was formed for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase, reorganization, recapitalization or other similar business combination with one or more businesses or entities. It focuses on identifying a prospective target business in the senior housing and care industry in the United States. The firm’s care segments are commonly divided into four categories: Independent Living; Assisted Living; Memory Care and Nursing Care. The company was founded on September 18, 2017 and is headquartered in Delray Beach, FL.
Read More on NRXP:
- NRx Pharmaceuticals granted request for transfer of listing to Nasdaq Capital
- NRx Pharmaceuticals receives QIDP, fast track designation from FDA for NRX-101
- NRx Pharmaceuticals announces plan to regain compliance with Nasdaq
- NRx Pharmaceuticals signs agreement with Columbia University
- NRx Pharmaceuticals announces FDA clearance of NRX-101 IND
