Needham & Company LLC Reiterates Buy Rating for Neumora Therapeutics (NASDAQ:NMRA)

Neumora Therapeutics (NASDAQ:NMRA - Get Free Report)'s stock had its "buy" rating reiterated by Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $23.00 price target on the stock. Needham & Company LLC's price objective would indicate a potential upside of 111.40% from the stock's current price.

A number of other equities research analysts have also issued reports on the stock. HC Wainwright started coverage on shares of Neumora Therapeutics in a report on Tuesday, October 1st. They issued a "buy" rating and a $30.00 price objective for the company. JPMorgan Chase & Co. cut shares of Neumora Therapeutics from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $18.00 to $15.00 in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $29.00 price target on shares of Neumora Therapeutics in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $21.67.

Neumora Therapeutics Stock Down 3.8 %

Shares of Neumora Therapeutics stock traded down $0.43 during mid-day trading on Wednesday, reaching $10.88. 915,742 shares of the stock traded hands, compared to its average volume of 723,058. The stock has a market capitalization of $1.74 billion, a PE ratio of -5.91 and a beta of 3.92. The business has a 50-day moving average of $13.08 and a 200 day moving average of $11.41. Neumora Therapeutics has a fifty-two week low of $8.33 and a fifty-two week high of $21.00.

Neumora Therapeutics (NASDAQ:NMRA - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.07). During the same quarter in the previous year, the business earned ($1.14) earnings per share. On average, equities research analysts expect that Neumora Therapeutics will post -1.48 EPS for the current fiscal year.

Insider Activity

In related news, insider Robert A. Lenz sold 30,788 shares of Neumora Therapeutics stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $11.81, for a total value of $363,606.28. Following the completion of the sale, the insider now owns 339,205 shares in the company, valued at approximately $4,006,011.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Robert A. Lenz sold 30,788 shares of the firm's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $11.81, for a total transaction of $363,606.28. Following the completion of the transaction, the insider now directly owns 339,205 shares in the company, valued at $4,006,011.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert A. Lenz sold 5,563 shares of the business's stock in a transaction dated 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 owns 322,966 shares in the company, valued at $4,847,719.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,538 shares of company stock valued at $1,390,513. Company insiders own 26.40% of the company's stock.

Hedge Funds Weigh In On Neumora Therapeutics

Several institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD acquired a new position in shares of Neumora Therapeutics during the first quarter worth about $10,354,000. Callan Capital LLC grew its holdings in Neumora Therapeutics by 222.6% during the 2nd quarter. Callan Capital LLC now owns 661,194 shares of the company's stock worth $6,500,000 after acquiring an additional 456,207 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Neumora Therapeutics by 79.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 111,828 shares of the company's stock valued at $1,099,000 after purchasing an additional 49,527 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Neumora Therapeutics by 488.3% in the 2nd quarter. Rhumbline Advisers now owns 103,258 shares of the company's stock valued at $1,015,000 after purchasing an additional 85,706 shares in the last quarter. Finally, Auour Investments LLC purchased a new stake in shares of Neumora Therapeutics during the 3rd quarter worth $3,302,000. Institutional investors and hedge funds own 47.65% of the company's stock.

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.