NRx Pharmaceuticals Inc. ( NRXP ) shares are surging on Monday following positive developments regarding its New Drug Application for NRX-100 (preservative-free intravenous ketamine).

Ketamine is a dissociative anesthetic that has some hallucinogenic effects. It is primarily used in medical and veterinary settings for surgery and pain management, and increasingly for mental health treatment.

FDA Signals Openness To Review NRx Pharmaceuticals’ NRX-100 Application

The FDA has confirmed its willingness to review NRx’s application for New Drug Approval of NRX-100, based on substantial evidence of effectiveness derived from existing trials.

Notably, the agency did not request additional clinical trials, and the company plans to submit existing patient-level data for review, which could expedite the approval process.

The company intends to submit its New Drug Application for NRX-100 by June 2026.

NRX-100 Shows Superiority In Reducing Suicidal Ideation

Additionally, NRX-100 has shown dramatic superiority to placebo treatments and non-inferiority compared to electroshock therapy in trials, with significant reductions in suicidal ideation.

Ketamine has demonstrated a statistically significant reduction in suicidal ideation. Electroshock therapy, the only currently-approved treatment for suicidal ideation, demonstrated a 30% incidence of memory loss, whereas ketamine did not.

This positions NRx Pharmaceuticals ( NRXP ) to potentially address a critical market need, as over 16 million Americans experience depression annually, with 3.6 million contemplating suicide.

NRx Pharmaceuticals Technical Indicators Show Mixed Momentum

Currently, NRXP is trading 14.8% above its 20-day simple moving average (SMA) and 3.3% above its 50-day SMA, indicating short-term strength. However, it remains 8.2% below its 100-day SMA and 20.7% below its 200-day SMA, suggesting some challenges in maintaining longer-term momentum.

The stock has increased by 1.86% over the past 12 months and is currently positioned closer to its 52-week highs than lows, reflecting a relatively stable performance in a volatile market.

The RSI is at 48.03, which is considered neutral territory, indicating that the stock is neither overbought nor oversold. Meanwhile, MACD is at -0.0520, with the signal line at -0.0693, suggesting a bullish crossover as the MACD is above the signal line.

The combination of neutral RSI and bullish MACD suggests mixed momentum, indicating that while there is potential for upward movement, caution is warranted.

Key Resistance: $2.50

Key Support: $1.75

Analyst Consensus & Recent Actions: The stock carries a Buy Rating. Recent analyst moves include:

D. Boral Capital: Buy (Maintains Target to $34.00) (Mar. 9)

HC Wainwright & Co.: Buy (Raises Target to $45.00) (Mar. 3)

BTIG: Buy (Maintains Target to $25.00) (Feb. 18)

NRx Pharmaceuticals Top ETF Exposure

ADVISORSHARES PSYCHEDELICS ETF ( PSIL ) : 4.81% Weight

NRXP Price Action: NRx Pharmaceuticals ( NRXP ) shares were up 11.70% at $2.07 at the time of publication on Monday, according to Benzinga Pro data.

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