This analyst loves NervGen Pharma

In a March 31 report, Research Capital analyst Andre Uddin maintained his “Speculative Buy” rating and US$5.50 target on NervGen Pharma (NervGen Pharma Stock Quote, Chart, News, Analysts, Financials NASDAQ:NGEN), saying the firm remains focused primarily on the company’s clinical progress rather than near-term financial results.

Uddin said NervGen recently completed its end-of-Phase 2 meeting with the U.S. Food and Drug Administration, with initiation of a Phase 3 trial in chronic tetraplegia anticipated in mid-2026. He added that the company expects to report gait analysis data from its ongoing spinal cord injury study by the second quarter of 2026, including measures of joint kinematics, inter-joint coordination and postural stability across treatment groups.

For the fourth quarter, NervGen reported no revenue, in line with expectations, and posted a net loss of C$26.9-million, or C$0.28 per fully diluted share, versus Uddin’s estimate for a loss of C$4.4-million, or C$0.05 per share. he said the larger-than-expected loss was driven by a non-cash C$20.2-million charge related to the revaluation of outstanding warrants. Excluding that item, he said the company’s net loss would have been C$6.7-million, or C$0.07 per share.

At the end of December 2025, NervGen had C$22.1-million, or US$15.9-million, in cash and no debt. Uddin noted the stock’s recent strength has left all of the company’s roughly 11 million outstanding warrants in the money. He said Research Capital conservatively assumes about three million warrants could be exercised over the next two quarters, providing additional cash, although timing remains at the discretion of holders.

Uddin said all market data and the target price are now presented in U.S. dollars following NervGen’s Nasdaq listing and delisting from the TSX Venture Exchange. He added that the firm continues to believe NVG-291 has blockbuster potential in spinal cord injury, given the significant unmet need in that market.

NervGen, based in Vancouver and incorporated in British Columbia on January 19, 2017, also added two executives to its management team on March 6. Shamim Ruff joined as chief regulatory affairs officer, bringing more than 30 years of regulatory leadership experience, while Christine McSherry was appointed senior vice-president of patient advocacy and clinical affairs. The company also said chief financial officer Bill Adams retired effective February 16, and that a search is underway for his successor.

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