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

Neumora Therapeutics (NASDAQ:NMRA)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They presently have a $23.00 price target on the stock.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered Neumora Therapeutics from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $18.00 to $15.00 in a report on Tuesday, November 5th. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Neumora Therapeutics in a research report on Monday, December 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $29.00 target price on shares of Neumora Therapeutics in a report on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Neumora Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $23.40.

Neumora Therapeutics Stock Down 81.3 %

NMRA opened at $1.98 on Thursday. Neumora Therapeutics has a twelve month low of $1.98 and a twelve month high of $21.00. The company’s 50-day moving average price is $10.89 and its two-hundred day moving average price is $11.59. The stock has a market cap of $319.89 million, a price-to-earnings ratio of -1.06 and a beta of 3.34.

Neumora Therapeutics (NASDAQ:NMRA) last issued its earnings results on Tuesday, November 12th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.06). During the same period in the previous year, the company posted ($1.14) EPS. As a group, sell-side analysts anticipate that Neumora Therapeutics will post -1.61 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Matthew K. Fust sold 14,049 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $17.03, for a total transaction of $239,254.47. Following the transaction, the director now directly owns 20,100 shares of the company’s stock, valued at approximately $342,303. This trade represents a 41.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert A. Lenz sold 5,563 shares of the business’s stock in a transaction dated 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 directly owns 322,966 shares of the company’s stock, valued at approximately $4,847,719.66. This trade represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. 26.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Neumora Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NMRA. JPMorgan Chase & Co. raised its position in Neumora Therapeutics by 2.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 64,421 shares of the company’s stock valued at $851,000 after purchasing an additional 1,629 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Neumora Therapeutics by 472.8% during the second 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. Handelsbanken Fonder AB lifted its stake in Neumora Therapeutics by 35.0% in the third quarter. Handelsbanken Fonder AB now owns 26,600 shares of the company’s stock worth $351,000 after acquiring an additional 6,900 shares during the period. Quarry LP bought a new stake in Neumora Therapeutics in the second quarter valued at $98,000. Finally, Intech Investment Management LLC purchased a new position in Neumora Therapeutics during the 3rd quarter valued at $175,000. 47.65% of the stock is currently owned by institutional investors.

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.