Royal Bank of Canada Reaffirms “Outperform” Rating for Neumora Therapeutics (NASDAQ:NMRA)

Royal Bank of Canada restated their outperform rating on shares of Neumora Therapeutics (NASDAQ:NMRA) in a report released on Friday,Benzinga reports. They currently have a $29.00 price target on the stock.

Several other research analysts have also recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price objective on shares of Neumora Therapeutics in a research note on Wednesday, November 13th. JPMorgan Chase & Co. cut Neumora Therapeutics from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $18.00 to $15.00 in a research note on Tuesday, November 5th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Neumora Therapeutics in a research note on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.67.

Neumora Therapeutics Stock Down 0.7 %

NASDAQ NMRA opened at $9.67 on Friday. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -5.17 and a beta of 3.92. The business has a 50-day moving average price of $12.87 and a 200-day moving average price of $11.46. Neumora Therapeutics has a twelve month low of $8.33 and a twelve month high of $21.00.

Neumora Therapeutics (NASDAQ:NMRA) last posted its earnings results on Tuesday, November 12th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.06). During the same period in the prior year, the firm posted ($1.14) earnings per share. Research analysts expect that Neumora Therapeutics will post -1.61 EPS for the current fiscal year.

Insider Activity

In other Neumora Therapeutics news, Director Matthew K. Fust sold 14,049 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $17.03, for a total transaction of $239,254.47. Following the completion of the transaction, the director now owns 20,100 shares of the company’s stock, valued at $342,303. This trade represents a 41.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert A. Lenz sold 30,788 shares of the 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 transaction, the insider now directly owns 339,205 shares of the company’s stock, valued at approximately $4,006,011.05. This trade represents a 8.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 50,400 shares of company stock worth $686,361 over the last three months. Insiders own 26.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank increased its holdings 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 acquiring an additional 2,402 shares during the period. Handelsbanken Fonder AB raised its stake in Neumora Therapeutics by 35.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 26,600 shares of the company’s stock valued at $351,000 after purchasing an additional 6,900 shares during the last quarter. Quarry LP acquired a new position in Neumora Therapeutics in the 2nd quarter valued at about $98,000. Intech Investment Management LLC acquired a new position in shares of Neumora Therapeutics during the 3rd quarter valued at about $175,000. Finally, Ballentine Partners LLC acquired a new position in shares of Neumora Therapeutics during the 3rd quarter valued at about $178,000. Hedge funds and other institutional investors 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.