Jonathan C. Javitt, the Chairman and Chief Scientist of NRX Pharmaceuticals, Inc. (NASDAQ:NRXP), has acquired 40,000 shares of the company's common stock. The transaction, which took place on December 17, amounted to a total purchase value of $46,800, with shares priced at $1.17 each. Since the purchase, the stock has shown strong momentum, rising to $1.64, delivering a 37.82% return over the past week. According to InvestingPro analysis, the micro-cap company, valued at approximately $20 million, is currently trading near its Fair Value.
Following this acquisition, Javitt's direct ownership totals 84,634 shares. Additionally, he holds indirect stakes through various trusts: 1,260,000 shares via the Jonathan Javitt Living Trust, 142,200 shares through the Javitt 2012 Irrevocable Dynasty Trust, and 30,000 shares in the Jonathan Javitt Donor Advised Fund. Javitt's involvement in these trusts varies, with roles including trustee and primary advisor. InvestingPro data reveals 10+ additional insights about NRXP, including key financial metrics and analyst forecasts, available in the comprehensive Pro Research Report.
In other recent news, NRx Pharmaceuticals has made significant strides in its product development and financial health. The company's Q3 2024 report highlighted a 74% reduction in net operating losses compared to the previous year and the successful completion of a $10.8 million funding round. The report also emphasized the company's progress in developing its depression treatments, NRX-100 and NRX-101, with plans to submit New Drug Applications for both by the end of 2024.
H.C. Wainwright reaffirmed its Buy rating on NRx Pharmaceuticals' shares, maintaining a steady price target of $19.00. This endorsement follows the company's recent advancements, including the establishment of Hope Therapeutics, a wholly-owned subsidiary of NRx, aiming to administer NRX-100 through a network of precision psychiatry clinics.
These recent developments in NRx Pharmaceuticals also include the company's projection of profitability by 2025, as stated in its Third Quarter 2024 Earnings Conference Call. The company anticipates generating significant revenue by the end of 2025 through its subsidiary, Hope Therapeutics, which is advancing towards the establishment of a network of precision psychiatry clinics. A public listing of Hope Therapeutics is also in progress after finalizing its initial audit and moving towards SEC registration.
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