New York, May 23, 2026, 13:04 (EDT)
GH Research PLC finished Friday’s session up 1.6% at $22.12 and then ticked higher to $22.35 after hours. The Dublin biotech comes onto the radar for the upcoming holiday week, with new depression-drug data expected at conferences. The stock trades on Nasdaq.
U.S. equity markets are closed for the weekend, and Nasdaq will stay shut on Monday, May 25, for Memorial Day. That means the next regular trading session lands as GH Research starts to present data at the American Society of Clinical Psychopharmacology meeting in Miami, set for May 26-29.
GH Research’s lead program is GH001, an inhaled version of mebufotenin, or 5-MeO-DMT, in trials for treatment-resistant depression. The company this month said it picked doses for its global Phase 3 pivotal program, aiming to back a regulatory submission, and still plans to launch that study in late 2026. CEO Dr. Velichka Valcheva said the first quarter “marks progress as planned” for the Phase 3 effort. GH Research
GHRS had a bumpy week. The stock closed at $21.68 Monday, climbed to $22.54 by Wednesday, then slipped Thursday and ended Friday at $22.12. That’s a 3.4% gain from last Friday’s $21.39 close.
Stocks rose Friday, with the Nasdaq and S&P 500 both up for the week. That lift ahead of the long weekend gave small and mid-cap drug developers a steadier market than earlier in the month.
GH Research’s new filing details three posters for GH001, with one focused on anhedonia in depression, another on patients who failed multiple antidepressants, and a third covering depressive symptoms, anxiety, and quality of life. One poster said GH001 cut the MADRS anhedonia factor score by 9.9 points at Day 8, while placebo showed no change. MADRS is a clinician-scored depression scale. A different poster put remission rates at 54% to 64% at Day 8 for groups with prior treatment failures, based on a post-hoc analysis.
Balance sheet is back in focus. GH Research posted a first-quarter net loss of $19.0 million, more than the $10.8 million from a year ago. Cash, cash equivalents and marketable securities totaled $267.3 million at March 31. The company pulled in $111.2 million in net proceeds from an April stock sale, which padded its trial funding but also raised the share count.
Analysts on Wall Street adjusted targets after the dilution. H.C. Wainwright trimmed its price target to $65 from $70, citing share-count dilution tied to the April offering, but kept a Buy rating. Cantor Fitzgerald moved its target up to $35. Citizens lowered its target to $39 from $42 after the financing.
GH Research is facing more rivals in psychedelic drugs. Compass Pathways said it got positive results from two Phase 3 trials of its COMP360 psilocybin for treatment-resistant depression, and AtaiBeckley is working on a Phase 3 plan for BPL-003, an intranasal mebufotenin benzoate candidate for depression too. GH Research now has more company as psychedelic medicine heats up.
Psychedelic-drug stocks caught a bid after an executive order in April pushed for quicker FDA reviews of the treatments, improving sentiment in the sector. Jefferies analyst Andrew Tsai said the order gave an “official stamp of validation” to the drug class. RBC’s Brian Abrahams told Reuters it was a “substantial step” that could pare back regulatory risk. Reuters
The cleaner trade isn’t a sure thing. GH001 hasn’t been cleared, Phase 3 isn’t underway, and the company needs to get on the same page with the FDA about the pivotal trial—something it says may not happen. GH Research said trials might not begin or end on schedule, and there could be clinical holds. With a wider loss and new share sales, investors are at risk if next week’s posters don’t shift market sentiment.
Week ahead: Market focus turns to Tuesday’s open, then shifts to the ASCP readout. GH Research is trading at $22.12, holding near its latest highs. That keeps the spotlight on the data, though with shares up here, investors may be looking for more than just in-line numbers.
