GH Research (NASDAQ:GHRS) Stock Price Down 7% – What’s Next?

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GHRS. New Street Research set a $65.00 price objective on shares of GH Research in a research report on Monday, August 10th. Wells Fargo & Company assumed coverage on shares of GH Research in a research report on Monday, July 27th. They set an “overweight” rating and a $44.00 target price on the stock. Wall Street Zen upgraded shares of GH Research from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of GH Research in a research note on Friday, July 17th. Finally, Needham & Company LLC upped their price objective on shares of GH Research from $32.00 to $39.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

GH Research Stock Performance

The stock’s 50 day simple moving average is $28.38 and its 200 day simple moving average is $23.13. The firm has a market cap of $1.66 billion, a P/E ratio of -24.26 and a beta of 1.27.

GH Research (NASDAQ:GHRS) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.06. As a group, analysts forecast that GH Research PLC will post -1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On GH Research

A number of hedge funds have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC purchased a new stake in shares of GH Research in the fourth quarter worth approximately $22,860,000. Troluce Capital Advisors LLC lifted its stake in GH Research by 165.4% during the 1st 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 in the last quarter. Braidwell LP bought a new position in GH Research during the 2nd quarter valued at $5,571,000. CenterBook Partners LP boosted its holdings in GH Research by 70.6% during the 4th quarter. CenterBook Partners LP now owns 283,441 shares of the company’s stock worth $3,600,000 after acquiring an additional 117,288 shares during the last quarter. Finally, AdvisorShares Investments LLC grew its stake in shares of GH Research by 24.3% in the 4th quarter. AdvisorShares Investments LLC now owns 67,112 shares of the company’s stock worth $852,000 after acquiring an additional 13,121 shares in the last quarter. Institutional investors and hedge funds own 56.90% of the company’s stock.

GH Research Company Profile

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.