GH Research PLC (GHRS) PT Raised to $29 at Needham

Needham analyst Ami Fadia raised the price target on GH Research PLC (NASDAQ: GHRS) to $29.00 (from $19.00) while maintaining a Buy rating.

The analyst commented: "We raise our PT to $29 to reflect a higher PoS for GH001 of 47% (previously 35%) following the announcement of IND clearance yesterday (LINK) and roll forward our DCF valuation to 2026.

It was good to see the +17% move in GHRS; we reiterate our Buy thesis: (1) GH001 demonstrated impressive efficacy in Ph 2 vs competition at Day 2/ Day 8 and potentially game-changing 73% remission rate at 6mo with re-treatments. (2) While we acknowledge clinical risks (functional unbinding and single dose durability) ahead of Ph 3, the 6mo remission was encouraging. (3) GH001 could be a significant opportunity with sales of $1.9B in US by 2035.

Next, we look for additional color from management regarding its timing and strategy for the Ph 3 program and details on whether the study will include a low dose arm to mitigate any functional unbinding concerns."

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