NRx Pharmaceuticals Inc (NASDAQ: NRXP) (FRA: B1Q) revealed Monday that it filed a new drug application (NDA) for its intravenous ketamine therapeutic in Q4. NRX-100 has been developed to treat patients with suicidal depression.
The company has highlighted that over 13 million American adults consider taking their own lives every year. NRx thinks that its drug could help solve this problem while it capitalizes on a US$3-billion-dollar market.
NRx says it has entered into a non-binding agreement with a commercial pharmaceutical operator for licensing and distribution of the therapeutic once more progress has been made.
The Prescription Drug User Fee Act (PDUFA) date, referring to the day when the FDA has completed its review of the NDA, is expected by the end of this year.
Four clinical studies have been completed on NRX-100 showcasing approvable efficacy data. The drug developer claims that no other company has data of this quality on an IV ketamine drug tailored for suicidal depression.
Ketamine is a dissociative anaesthetic that provides the user with psychedelic experiences.
It has become a popular option for mental health treatment in clinical settings. In addition to depression, conditions it can be used to alleviate include PTSD, anxiety and substance use disorders.
Read more: Intranasal drug delivery tech developer ‘Polyrizon’ plans to administer psychedelics
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Financial firms have high hopes for NRx
In a research report on Mar. 14, H.C. Wainwright & Co gave the company a Buy rating and set its share target up at US$19.00.
However, this financial firm has alot of terrible reviews with people questioning the legitimacy of its assessments. Its forecast should be taken with a grain of salt, as they say.
“NRx is targeting achievement of US$100 million in revenue in 2025,” H.C. Wainwright analyst, Vernon Bernardino, wrote. “We think the company can become profitable with just US$38 million in revenue.”
D. Boral Capital, another New York investment bank, set its price target even higher at US$31.00 in another evaluation published on Monday.
Other firms like Ascendiant Capital Markets and EF Hutton have given the stock a Buy rating as well. Ascendiant sets its price target at US$45 in December, the highest of the lot. But, it has received some questionable feedback too.
These predictions are largely based around a bullish outlook for the future of NRx’s two ketamine drugs: NRX-100 and NRX-101. The latter is an oral therapeutic for bipolar depression.
NRx was founded in 2015 by Jonathan Javitt, a seasoned physician with experience serving as a White House healthcare advisor. He is the current CEO and Chairman. His company went public in 2021.
rowan@mugglehead.com
