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

Needham & Company LLC reaffirmed their buy rating on shares of Neumora Therapeutics (NASDAQ:NMRA) in a report released on Wednesday morning,Benzinga reports. They currently have a $23.00 price objective on the stock.

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

Neumora Therapeutics Trading Down 7.3 %

NASDAQ:NMRA opened at $10.84 on Wednesday. The company has a market capitalization of $1.75 billion, a P/E ratio of -5.80 and a beta of 3.92. The firm has a 50-day moving average price of $13.10 and a two-hundred day moving average price of $11.44. Neumora Therapeutics has a twelve month low of $8.33 and a twelve month 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 the consensus estimate of ($0.39) by ($0.06). During the same period in the previous year, the business posted ($1.14) earnings per share. On average, equities research analysts predict that Neumora Therapeutics will post -1.48 earnings per share for the current year.

Insider Buying and Selling

In other Neumora Therapeutics news, CFO Joshua Pinto sold 28,496 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $11.63, for a total transaction of $331,408.48. Following the completion of the sale, the chief financial officer now directly owns 210,469 shares in the company, valued at $2,447,754.47. This represents a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $363,606.28. Following the completion of the transaction, the insider now owns 339,205 shares in the company, valued at approximately $4,006,011.05. This trade represents a 8.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,538 shares of company stock valued at $1,390,513. Insiders own 26.40% of the company’s stock.

Institutional Investors Weigh In On Neumora Therapeutics

Several large investors have recently made changes to their positions in NMRA. Amalgamated Bank lifted its holdings in shares of Neumora Therapeutics by 472.8% during the 2nd quarter. Amalgamated Bank now owns 2,910 shares of the company’s stock valued at $29,000 after acquiring an additional 2,402 shares in the last quarter. Quarry LP acquired a new position in shares of Neumora Therapeutics during the second quarter worth about $98,000. SkyOak Wealth LLC purchased a new stake in shares of Neumora Therapeutics in the second quarter worth about $147,000. Principal Financial Group Inc. acquired a new stake in shares of Neumora Therapeutics in the second quarter valued at about $166,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Neumora Therapeutics in the third quarter valued at about $175,000. Institutional investors and hedge funds own 47.65% of the company’s stock.

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.