NRX Pharmaceuticals

NRXP · NASDAQ

$2.62−$0.01 (−0.38%)TodayMarket closed · Oct 20, 7:45 PM ET

Prev close $2.63

NRXP analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 6 analysts

Average $39.27 (+1398.9% upside)

Low: $10.10
Now: $2.62
High: $52.50

Upgrades and downgrades

The latest rating actions, newest first

NRXP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Ascendiant Capital	Oct 1, 2026	Maintains	Buy	$49.00 → $50.00	28%
BTIG	Sep 14, 2026	Maintains	Buy	$10.00	30%
HC Wainwright & Co.	Aug 25, 2026	Maintains	Buy	$45.00	33%
BTIG	Aug 18, 2026	Maintains	Buy	$10.00	30%
BTIG	Aug 7, 2026	Maintains	Buy	$25.00 → $10.00	30%
D. Boral Capital	May 5, 2026	Maintains	Buy	$34.00	29%
HC Wainwright & Co.	Apr 27, 2026	Maintains	Buy	$45.00	33%
Ascendiant Capital	Apr 27, 2026	Maintains	Buy	$48.00 → $49.00	28%
D. Boral Capital	Apr 23, 2026	Maintains	Buy	$34.00	29%
D. Boral Capital	Apr 20, 2026	Maintains	Buy	$34.00	29%

The case for and against

Updated Oct 15, 2026

Bull case

NRX Pharmaceuticals is attractive fundamentally because its lead ketamine franchise is moving from clinical promise to regulatory execution, with NDA and ANDA filings underway and potential approvals for NRX-100 and NRX-101 in 2026/27. The company also has meaningful near-term catalysts and financing support, including FDA-confirmed KETAFREE review with a GDUFA date of November 10, 2026, $26.7 million cash at June 30, and more than $11.5 million of anticipated non-dilutive DARPA funding for SPARC-TMS. Its outlook is further strengthened by a differentiated label strategy for suicidality, favorable real-world evidence from 65,000+ patients and 8,224 IV ketamine patients, and a scalable U.S.-manufactured, preservative-free supply model that could support attractive commercial economics.

Bear case

NRX Pharmaceuticals is burdened by weak fundamentals because its clinical-stage pipeline still lacks approved products, leaving future value dependent on regulatory success in a market where development and commercialization risk remain high. Despite a large addressable opportunity, 2Q26 showed only $1.1 million of HOPE net patient service revenue, $26.7 million of cash and marketable securities, a $4.7 million working capital deficit, and a $16.5 million GAAP net loss, underscoring persistent burn and liquidity pressure. The 10-Q’s substantial-doubt going-concern language, a terminated clinic acquisition, flat sequential HOPE revenue, and delayed scaling to the targeted eight-or-more locations reinforce the view that execution risk and dilution risk remain elevated.

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