5 Best Rated Penny Stocks to Buy According to Wall Street Analysts

2. NRx Pharmaceuticals, Inc. (NASDAQ:NRXP)

Upside Potential: 1194.87%

On May 13, Lucid Capital initiated coverage of NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) with a Buy rating and a $49 price target. The firm stated that NRx is preparing to enter the approximately $1.5 billion North American ketamine market through both a proprietary generic product and a branded formulation. According to the analyst, the company has developed a preservative-free ketamine formulation with a potential shelf life of up to three years, which could represent a meaningful competitive advantage within the market. Lucid Capital believes the company’s differentiated formulation and manufacturing capabilities position it favorably as demand grows for mental health and central nervous system therapies.

Earlier, on May 5, NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) announced the initiation of its first commercial manufacturing order for its preservative-free ketamine product ahead of an anticipated approval expected during the summer of 2026. Chairman and Chief Executive Officer Jonathan Javitt stated that the company looks forward to delivering a safe and convenient U.S.-manufactured ketamine product to the market. Management noted that the manufacturing order follows stability data from multiple registration batches and a successful third-party audit of the manufacturing facility. The company also emphasized that its blow-fill-seal manufacturing process enables production throughput more than ten times greater than traditional sterile bottling methods while supporting rapid future scalability as demand increases.

Founded in 2015 and headquartered in Wilmington, NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) is a clinical-stage biopharmaceutical company focused on developing therapies targeting central nervous system disorders, including severe suicidal depression, post-traumatic stress disorder, and bipolar depression.