How could this postponement impact the valuation multiples (P/E, EV/EBITDA) that traders are currently using?

Impact on valuation multiples

The delay of NRX Pharmaceuticals’ Q2‑2025 earnings to 19 August pushes the next data point that anchors the company’s price‑to‑earnings (P/E) and EV/EBITDA ratios further into the future. In the interim, the stock will have to be priced on forward‑looking assumptions rather than recent disclosed earnings. Because the company is still in a clinical‑stage, its earnings are historically small and volatile; traders typically rely on forward‑estimated earnings and EBITDA derived from analyst consensus. By extending the reporting horizon, the consensus forecast is “frozen” for an extra month, causing existing multiples to drift higher as the market price reacts to the uncertainty and the time‑value of money. In practice, you’ll see the trailing P/E (which may still be negative or near‑zero) stay flat, while the forward P/E and EV/EBITDA are likely to inflate modestly – often 5‑10 % – as investors demand a higher risk premium for the added earnings‑release risk.

Trading and technical implications

From a technical standpoint, the postponement usually triggers a brief spike in volatility and a short‑term dip in price as risk‑averse participants unwind positions ahead of the unknown. This dip can temporarily depress the market cap, which in turn pushes EV/EBITDA upward (since EV moves with the share price while EBITDA remains unchanged). Traders who monitor the 20‑day and 50‑day moving averages may spot a “sell‑off” candle on the news day, followed by a potential rebound if the company’s fundamentals remain intact. An actionable take‑away is to watch the price reaction over the next 2‑3 trading days: a sharp, unsupported decline could present a buying opportunity at a more attractive forward P/E/EV‑EBITDA, especially if the implied earnings guidance remains unchanged. Conversely, a quick recovery may indicate that the market has already priced in the postponement risk, and the multiples will settle back to pre‑news levels, suggesting a wait‑and‑see approach rather than an aggressive entry.