TD Cowen analyst Ritu Baral initiated coverage of Helus Pharma with a Buy rating and $8 price target. The firm believes the company's positive Phase 2 adjunct major depressive disorder data for HLP003 and precedent clinical data validating psilocybin-based therapies "de-risk" the company's Phase 3 program. The first Phase 3 two-dose HLP003 dataset is due in Q4, which could drive "major upside" in the shares, the analyst tells investors in a research note. TD models a 2028 launch and peak U.S. sales of $1.3B.
