JPMorgan Initiates ADARx Pharmaceuticals at Overweight With $38 Price Target

ADARx Pharmaceuticals (ADRX) reported Q3 2026 revenue of $2.2M, up from $1.6M in 2025, with R&D and G&A expenses rising. Net loss widened to $28.1M. The company has $901M in cash and expects funds to last until 2030. ADARx advanced clinical trials for agazisiran and onvuzosiran, with key data expected in 2027. The company completed an IPO raising $513.2M and a private placement with AbbVie for $89.3M.

ADARx Pharmaceuticals, Inc. (ADRX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 ADARx Reports Third Quarter 2026 Financial Results and Provides Business Updates – Completed initial public offering (IPO) and concurrent private placement generating aggregate gross proceeds of approximately $602.5 million; cash position expected to fund operations

Morgan Stanley initiated coverage on ADARx Pharmaceuticals (NASDAQ:ADRX) with an overweight rating and a $32.00 price target, suggesting 81% upside. The company has a market cap of $1.98 billion and a pipeline of liver-targeted treatments. UBS and TD Cowen also initiated coverage with Buy ratings and higher price targets. ADARx recently completed an IPO, raising $446.3 million.

ADARx Pharmaceuticals (NASDAQ:ADRX) raised $513.2M after underwriters exercised their option to buy 3.9M additional shares at $17.00 each in its IPO. Total shares sold reached 30.2M. AbbVie bought 5.3M shares in a private placement at the same price, adding $89.3M. Combined proceeds totaled $602.5M. J.P. Morgan, Morgan Stanley, and others managed the offering.

ADARx Pharmaceuticals' underwriters fully exercised the greenshoe option, adding 3.94M shares to the IPO at $17 each. The total IPO size is now 30.19M shares, raising ~$513.2M. Including a concurrent private placement, total gross proceeds reached ~$602.5M, according to the company.

ADARx Pharmaceuticals (ADRX) announced the closing of an additional 3.94 million shares sold in its IPO, raising $513.2 million at $17 per share. Including a concurrent private placement, total gross proceeds reached $602.5 million. J.P. Morgan, Morgan Stanley, and others acted as underwriters.