Neumora Therapeutics (NASDAQ:NMRA) Receives Outperform Rating from Royal Bank of Canada

Neumora Therapeutics (NASDAQ:NMRA)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $29.00 price objective on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 197.74% from the company’s current price.

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

Neumora Therapeutics Price Performance

NMRA opened at $9.74 on Friday. The company’s 50 day simple moving average is $12.92 and its 200-day simple moving average is $11.45. Neumora Therapeutics has a one year low of $8.33 and a one year high of $21.00. The stock has a market capitalization of $1.57 billion, a P/E ratio of -5.21 and a beta of 3.92.

Neumora Therapeutics (NASDAQ:NMRA) last issued its earnings results 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 quarter in the prior year, the company earned ($1.14) EPS. As a group, analysts anticipate that Neumora Therapeutics will post -1.61 EPS for the current year.

Insider Activity

In other Neumora Therapeutics 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 transaction, the insider now owns 339,205 shares of the company’s stock, valued at approximately $4,006,011.05. The trade was a 8.32 % 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, Director Matthew K. Fust sold 14,049 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $17.03, for a total transaction of $239,254.47. Following the sale, the director now directly owns 20,100 shares of the company’s stock, valued at $342,303. This represents a 41.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 82,042 shares of company stock worth $1,059,104 in the last 90 days. Corporate insiders own 26.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Amalgamated Bank boosted its position in Neumora Therapeutics by 472.8% during the 2nd quarter. Amalgamated Bank now owns 2,910 shares of the company’s stock worth $29,000 after acquiring an additional 2,402 shares during the last quarter. Quarry LP acquired a new position in Neumora Therapeutics during the second quarter worth $98,000. Intech Investment Management LLC bought a new position in Neumora Therapeutics in the third quarter valued at $175,000. Ballentine Partners LLC acquired a new stake in Neumora Therapeutics in the 3rd quarter valued at $178,000. Finally, SkyOak Wealth LLC bought a new stake in Neumora Therapeutics during the 2nd quarter worth about $147,000. 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.