GH Research

GHRS · NASDAQ

$19.17+$0.885 (+4.84%)TodayMarket closed · Oct 20, 7:34 PM ET

Prev close $18.28

GHRS analyst rating

BuyConsensus of 8 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy8
Hold0
Underperform0
Sell0

12-month price target · 12 analysts

Average $42.53 (+121.9% upside)

Low: $31.31
Now: $19.17
High: $68.25

Upgrades and downgrades

The latest rating actions, newest first

GHRS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Guggenheim	Aug 7, 2026	Maintains	Buy	$34.00 → $40.00	52%
Cantor Fitzgerald	Aug 7, 2026	Maintains	Overweight	$35.00 → $40.00	43%
Needham	Aug 6, 2026	Maintains	Buy	$32.00 → $39.00	47%
Wells Fargo	Jul 27, 2026	Initiates	Overweight	$44.00	29%
HC Wainwright & Co.	May 19, 2026	Maintains	Buy	$70.00 → $65.00	33%
Cantor Fitzgerald	May 15, 2026	Maintains	Overweight	$25.00 → $35.00	43%
Citizens	May 15, 2026	Maintains	Market Outperform	$42.00 → $39.00	41%
Citizens	Mar 6, 2026	Maintains	Market Outperform	$39.00 → $42.00	41%
Needham	Mar 6, 2026	Maintains	Buy	$31.00 → $32.00	47%
HC Wainwright & Co.	Mar 2, 2026	Maintains	Buy	$35.00 → $70.00	33%

The case for and against

Updated Oct 14, 2026

Bull case

GH Research is supported by a compelling TRD profile for GH001, with Phase IIb data showing a -15.5-point placebo-adjusted MADRS reduction at Day 8, 57.5% remission versus 0% on placebo, and 73% remission at 6 months, which underpins confidence in its practice-changing potential. The company also removed major execution risks after July 2026 FDA feedback confirmed CMC and the proprietary aerosol delivery device appear Phase III ready, while Phase I device PK and U.S. IND-opening studies were completed and pivotal doses selected. With Phase III site selection already done, a limited-center design that should aid enrollment, and multiple investigator requests for IITs after JAMA Psychiatry publication earlier this year, the fundamentals suggest strong clinical momentum and expanding optionality.

Bear case

GH Research is burdened by outsized clinical and regulatory uncertainty, with GH001 still subject to FDA clinical hold risk, possible delays in lifting that hold, and the chance that a Phase III study fails to reproduce earlier efficacy or reveals new safety or tolerability issues. Even with about $362.7MM in cash, cash equivalents, and marketable securities as of June 30, 2026, the company remains a single-segment R&D story that depends on capital-intensive pivotal execution, potential commercialization, and eventual financing without any product revenue to offset losses. Competitive threats from more established TRD therapies and other psychedelics, plus possible DEA rescheduling barriers and manufacturing or device issues, further weaken the long-term fundamental case.

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