NRx Pharmaceuticals initiated with a Buy at BTIG

BTIG initiated coverage of NRx Pharmaceuticals (NRXP) with a Buy rating and $18 price target NRx Pharmaceuticals is working broadly in suicidal ideation and behavior, a large area of unmet need that has seen essentially no improvement in treatment outcomes in 50 years, and is seeking to generate an FDA-approved version of IV ketamine to help standardize the treatment landscape, the analyst tells investors in a research note. The initial IV ketamine FDA submission package is supported by a collection of high-quality and controlled trials supporting the drug’s activity in suicidal ideation and depressive symptoms, and BTIG sees this approach as reasonably likely to be enough for approval as the real-world evidence for this indication is significant and includes huge composite data sets collected across the current treatment landscape.