Bank of America Cuts Neumora Therapeutics (NASDAQ:NMRA) Price Target to $7.00

Neumora Therapeutics (NASDAQ:NMRA) had its price objective reduced by Bank of America from $22.00 to $7.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 222.58% from the company’s current price.

Several other research analysts have also commented on NMRA. JPMorgan Chase & Co. lowered Neumora Therapeutics from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $18.00 to $15.00 in a research report on Tuesday, November 5th. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price on shares of Neumora Therapeutics in a research report on Friday. Royal Bank of Canada lowered shares of Neumora Therapeutics from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $29.00 to $4.00 in a research note on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $23.00 target price on shares of Neumora Therapeutics in a report on Thursday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Neumora Therapeutics Stock Performance

Shares of Neumora Therapeutics stock opened at $2.17 on Monday. The stock has a 50 day moving average of $10.47 and a 200 day moving average of $11.51. The firm has a market capitalization of $350.59 million, a price-to-earnings ratio of -1.16 and a beta of 3.34. Neumora Therapeutics has a fifty-two week low of $1.83 and a fifty-two week high of $21.00.

Neumora Therapeutics (NASDAQ:NMRA) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.06). During the same period in the previous year, the business earned ($1.14) earnings per share. Analysts forecast that Neumora Therapeutics will post -1.61 EPS for the current year.

Insider Activity

In other news, Director Matthew K. Fust sold 14,049 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $17.03, for a total value of $239,254.47. Following the completion of the sale, the director now directly owns 20,100 shares of the company’s stock, valued at approximately $342,303. The trade was a 41.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert A. Lenz sold 5,563 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $15.01, for a total value of $83,500.63. Following the completion of the sale, the insider now owns 322,966 shares of the company’s stock, valued at approximately $4,847,719.66. This represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 26.40% of the company’s stock.

Hedge Funds Weigh In On Neumora Therapeutics

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

Neumora Therapeutics Company Profile

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.