NRx Pharmaceuticals Gains Bullish Signal from EF Hutton with Promising Price Forecast
Analysts Predict Remarkable Price Surge
On October 21, 2024, EF Hutton began coverage of NRx Pharmaceuticals (NasdaqCM:NRXP) with a Buy recommendation. As of September 25, 2024, analysts have set an average one-year price target of $32.13 per share. The estimates vary widely, with a low of $19.19 and a high of $46.20. This projection translates to an astonishing potential upside of 2,491.13% based on the company’s last closing price of $1.24 per share.
What Does the Market Say?
NRx Pharmaceuticals is projected to generate annual revenues of $7 million. Despite the promising outlook, the projected annual non-GAAP earnings per share (EPS) stands at -0.30.
Significant Growth in Fund Interest
A total of 28 funds or institutions have reported holdings in NRx Pharmaceuticals, reflecting an increase of 27 positions or 2,700% from the previous quarter. The average portfolio weight for these funds now sits at 0.16%, also a substantial rise of 312,869.57%. In just three months, the total shares owned by institutions surged by 15,158.66%, reaching 667,000 shares. Furthermore, the company’s put/call ratio is currently at 0.63, reinforcing a bullish sentiment among investors.
Institutional Shareholders’ Stakes
Several notable shareholders have significant stakes in NRx Pharmaceuticals:
- VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 193,000 shares, equating to 1.80% of the company.
- PSIL – AdvisorShares Psychedelics ETF owns 108,000 shares, representing 1.01% ownership.
- AdvisorShares Investments also holds 108,000 shares with 1.01% ownership.
- Geode Capital Management has 66,000 shares, translating to 0.61% ownership.
- VEXMX – Vanguard Extended Market Index Fund Investor Shares owns 47,000 shares at 0.44% ownership.
NRx Pharmaceuticals: A Brief Overview
(Company-provided information)
Founded by experts with over a century of combined drug development experience at major pharmaceutical companies like AstraZeneca and Pfizer, NRx Pharmaceuticals is focused on innovative treatments. The company is advancing the development of NRX-101, a promising treatment for suicidal bipolar depression, currently under Phase 3 trials. With Prof. Jonathan C. Javitt leading the team, NRx aims to complete a business combination with Big Rock Partners Acquisition Corp (‘BRPA’) and seeks to list on NASDAQ under the ticker ‘NRXP’.
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