GH Research (NASDAQ:GHRS) Stock Price Down 7% – Here’s Why

GH Research PLC (NASDAQ:GHRS)’s share price fell 7% on Thursday . The stock traded as low as $23.43 and last traded at $24.15. 195,480 shares were traded during trading, a decline of 34% from the average daily volume of 294,384 shares. The stock had previously closed at $25.96.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of GH Research in a research report on Friday, July 17th. Guggenheim lifted their price target on GH Research from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Wall Street Zen upgraded GH Research from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Cantor Fitzgerald raised their target price on GH Research from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Finally, HC Wainwright reissued a “buy” rating on shares of GH Research in a report on Monday, August 10th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

GH Research Stock Down 6.8%

The stock has a market cap of $1.66 billion, a P/E ratio of -24.26 and a beta of 1.27. The business’s 50-day simple moving average is $28.38 and its two-hundred day simple moving average is $23.13.

GH Research (NASDAQ:GHRS) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.06. Analysts anticipate that GH Research PLC will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GHRS. Avoro Capital Advisors LLC purchased a new position in GH Research during the 4th quarter valued at about $22,860,000. Troluce Capital Advisors LLC boosted its position in shares of GH Research by 165.4% in the first quarter. Troluce Capital Advisors LLC now owns 990,472 shares of the company’s stock valued at $13,926,000 after acquiring an additional 617,260 shares during the period. Braidwell LP bought a new position in shares of GH Research in the second quarter valued at approximately $5,571,000. CenterBook Partners LP grew its stake in GH Research by 70.6% during the fourth quarter. CenterBook Partners LP now owns 283,441 shares of the company’s stock valued at $3,600,000 after acquiring an additional 117,288 shares in the last quarter. Finally, AdvisorShares Investments LLC grew its stake in GH Research by 24.3% during the fourth quarter. AdvisorShares Investments LLC now owns 67,112 shares of the company’s stock valued at $852,000 after acquiring an additional 13,121 shares in the last quarter. Hedge funds and other institutional investors own 56.90% of the company’s stock.

About GH Research

GH Research plc is a clinical-stage biopharmaceutical company headquartered in Dublin, Ireland. Founded in 2018, the company focuses on developing novel therapies for psychiatric and neurological disorders, with an emphasis on treatments that may offer rapid effects.

Its lead program, GH001, is an inhaled formulation of mebufotenin, also known as 5-MeO-DMT, being studied for treatment-resistant depression. GH Research is also developing additional formulations and delivery approaches based on mebufotenin, including the GH002 program.