Neumora Therapeutics’ (NMRA) Buy Rating Reiterated at Needham & Company LLC

Neumora Therapeutics (NASDAQ:NMRA)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports. They presently have a $23.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 96.75% from the stock’s current price.

A number of other research firms also recently commented on NMRA. Royal Bank of Canada reiterated an “outperform” rating and set a $29.00 target price on shares of Neumora Therapeutics in a research report on Wednesday, September 4th. JPMorgan Chase & Co. cut shares of Neumora Therapeutics from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $18.00 to $15.00 in a research note on Tuesday, November 5th. Finally, HC Wainwright initiated coverage on shares of Neumora Therapeutics in a research report on Tuesday, October 1st. They set a “buy” rating and a $30.00 target price for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.67.

Neumora Therapeutics Trading Up 8.5 %

Shares of NMRA stock opened at $11.69 on Wednesday. The business’s 50 day moving average is $13.07 and its two-hundred day moving average is $11.41. Neumora Therapeutics has a twelve month low of $8.33 and a twelve month high of $21.00. The company has a market capitalization of $1.87 billion, a P/E ratio of -6.26 and a beta of 3.92.

Neumora Therapeutics (NASDAQ:NMRA) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.07). During the same period in the previous year, the firm posted ($1.14) earnings per share. As a group, equities analysts predict that Neumora Therapeutics will post -1.48 earnings per share for the current fiscal year.

Insider Activity

In other Neumora Therapeutics news, insider Robert A. Lenz sold 5,563 shares of Neumora Therapeutics stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $15.01, for a total transaction of $83,500.63. Following the sale, the insider now directly owns 322,966 shares in the company, valued at $4,847,719.66. The trade was a 1.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Joshua Pinto sold 31,642 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $11.78, for a total value of $372,742.76. Following the transaction, the chief financial officer now owns 154,658 shares of the company’s stock, valued at approximately $1,821,871.24. This trade represents a 16.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,538 shares of company stock worth $1,390,513 over the last 90 days. Company insiders own 26.40% of the company’s stock.

Institutional Trading of Neumora Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its stake in shares of Neumora Therapeutics by 472.8% in the 2nd quarter. Amalgamated Bank now owns 2,910 shares of the company’s stock valued at $29,000 after purchasing an additional 2,402 shares in the last quarter. Quarry LP bought a new stake in Neumora Therapeutics in the second quarter valued at about $98,000. SkyOak Wealth LLC acquired a new stake in Neumora Therapeutics during the second quarter valued at approximately $147,000. Principal Financial Group Inc. bought a new position in Neumora Therapeutics during the 2nd quarter worth approximately $166,000. Finally, Intech Investment Management LLC bought a new position in Neumora Therapeutics during the 3rd quarter worth approximately $175,000. 47.65% of the stock is owned by institutional investors and hedge funds.

About Neumora Therapeutics

Neumora Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in developing therapeutic treatments for brain diseases, neuropsychiatric disorders, and neurodegenerative diseases. The company develops navacaprant (NMRA-140), a novel once-daily oral kappa opioid receptor antagonist, which is in phase 3 clinical trials for the treatment of major depressive disorder.