Jefferies Assigns $22 Target, Eyes HLP003’s 60% Phase III Success
Jefferies initiated coverage of Helus Pharma with a Buy rating and $22 price target, citing the new permanent CEO and three 2026 catalysts including HLP003’s Phase III trial with a 60% success probability. Helus reported $195.1 million cash on hand and expects HLP004 Phase II data in Q1.
1. Jefferies Initiates Coverage
Jefferies commenced coverage of Helus Pharma with a Buy rating and set a $22 price target, highlighting the appointment of a permanent CEO as a key strategic milestone and identifying three catalysts projected to drive share upside in 2026.
2. HLP003 Phase III Trial Details
Helus’s lead asset, HLP003, is entering a Phase III trial for adjunct major depressive disorder with an estimated 60% probability of success, which Jefferies projects could trigger a 100%-200% rally upon positive results.
3. HLP004 Phase II Data Timeline
The intramuscular d-DMT therapy, HLP004, is expected to report de-risking Phase II data in Q1 2026, providing an additional potential catalyst for share appreciation.
4. Strong Balance Sheet Supports Research
As of Dec. 31, 2025, Helus Pharma held $195.1 million in cash, supporting its multi-asset neuroscience portfolio and ongoing clinical and operational initiatives across multiple development stages.