Neumora Therapeutics (NASDAQ:NMRA) Receives Buy Rating from Needham & Company LLC

Neumora Therapeutics (NASDAQ:NMRA)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They presently have a $23.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 91.19% from the company’s current price.

A number of other research firms also recently commented on NMRA. Mizuho started coverage on Neumora Therapeutics in a research report on Monday, July 8th. They set an “outperform” rating and a $20.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $29.00 price objective on shares of Neumora Therapeutics in a research report on Wednesday, September 4th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Neumora Therapeutics has an average rating of “Moderate Buy” and an average price target of $22.11.

Neumora Therapeutics Stock Performance

Shares of NASDAQ:NMRA opened at $12.03 on Thursday. Neumora Therapeutics has a 52 week low of $8.33 and a 52 week high of $21.00. The company has a 50-day moving average price of $11.59 and a 200 day moving average price of $11.64.

Neumora Therapeutics (NASDAQ:NMRA) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.37) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.37). On average, research analysts forecast that Neumora Therapeutics will post -1.51 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Joshua Pinto sold 28,496 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $11.63, for a total value of $331,408.48. Following the sale, the chief financial officer now owns 210,469 shares of the company’s stock, valued at approximately $2,447,754.47. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 26.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Neumora Therapeutics

Several hedge funds have recently made changes to their positions in NMRA. New York State Common Retirement Fund purchased a new stake in shares of Neumora Therapeutics in the 4th quarter valued at approximately $118,000. Amalgamated Bank acquired a new stake in Neumora Therapeutics during the 4th quarter valued at $29,000. Avidity Partners Management LP lifted its holdings in shares of Neumora Therapeutics by 10.6% in the fourth quarter. Avidity Partners Management LP now owns 1,990,632 shares of the company’s stock valued at $33,940,000 after purchasing an additional 190,632 shares in the last quarter. Auour Investments LLC acquired a new stake in shares of Neumora Therapeutics in the first quarter worth $1,445,000. Finally, Callan Capital LLC purchased a new position in shares of Neumora Therapeutics during the first quarter valued at $2,819,000. 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.