GH Research: Pivotal Pathway for GH001 in Treatment-Resistant Depression Supports $35 Target and Reiterated Buy Rating

H.C. Wainwright analyst Patrick Trucchio reiterated a Buy rating on GH Research today and set a price target of $35.00.

Patrick Trucchio has given his Buy rating due to a combination of factors related to GH001’s clinical progress and differentiation in treatment-resistant depression (TRD). He views the FDA’s decision to remove the clinical hold on the GH001 IND as a pivotal regulatory event that clears the way for a U.S. Phase 3 program starting in 2026, which he believes can support a registration path. The planned pivotal trial is expected to closely mirror the earlier Phase 2b design, where GH001 produced strong reductions in depressive symptoms and high remission rates, reinforcing his confidence in the asset. He also highlights multiple upcoming milestones over the next year, including regulatory discussions on the final pivotal program design, as potential catalysts that could create meaningful value for shareholders.
In addition, Trucchio emphasizes GH001’s distinctive clinical profile: rapid onset of antidepressant effect, sustained remission in a large proportion of patients over six months with relatively few treatments and no required psychotherapy, and a favorable safety and tolerability profile. The ultra-short psychoactive experience, with patients typically ready for discharge within about an hour, supports a practical treatment model that could facilitate real-world uptake. He also notes the ongoing Phase 1 study with GH Research’s proprietary aerosol delivery system, which is intended to align device performance with prior clinical data and underpin global regulatory filings. Based on a discounted cash flow valuation that assumes meaningful but risk-adjusted probabilities of success across TRD and additional indications, he arrives at a firm value that supports his $35 price target and underpins the reiterated Buy rating, while acknowledging standard development, competitive, regulatory, and commercialization risks.

In another report released today, Needham also maintained a Buy rating on the stock with a $19.00 price target.