Neumora Therapeutics (NASDAQ:NMRA) Shares Gap Down – Here’s Why

Neumora Therapeutics, Inc. (NASDAQ:NMRA) shares gapped down before the market opened on Tuesday . The stock had previously closed at $11.71, but opened at $11.02. Neumora Therapeutics shares last traded at $11.26, with a volume of 172,449 shares.

Analyst Upgrades and Downgrades

NMRA has been the topic of several analyst reports. JPMorgan Chase & Co. lowered shares of Neumora Therapeutics from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $18.00 to $15.00 in a research note on Tuesday. Mizuho initiated coverage on shares of Neumora Therapeutics in a research note on Monday, July 8th. They set an “outperform” rating and a $20.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and set a $29.00 price target on shares of Neumora Therapeutics in a research note on Wednesday, September 4th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 target price on shares of Neumora Therapeutics in a research note on Friday, October 18th. Finally, HC Wainwright began coverage on shares of Neumora Therapeutics in a report on Tuesday, October 1st. They issued a “buy” rating and a $30.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Neumora Therapeutics has an average rating of “Moderate Buy” and an average price target of $21.67.

Neumora Therapeutics Trading Down 6.1 %

The firm’s fifty day moving average price is $12.92 and its 200-day moving average price is $11.29. The company has a market cap of $1.76 billion, a P/E ratio of -4.57 and a beta of 3.92.

Neumora Therapeutics (NASDAQ:NMRA) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.37) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.37). As a group, research analysts forecast that Neumora Therapeutics, Inc. will post -1.48 earnings per share for the current fiscal year.

Insider Transactions at Neumora Therapeutics

In other news, insider Robert A. Lenz sold 30,788 shares of Neumora Therapeutics stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $11.81, for a total transaction of $363,606.28. Following the sale, the insider now directly owns 339,205 shares in the company, valued at approximately $4,006,011.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Robert A. Lenz sold 30,788 shares of Neumora Therapeutics stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $11.81, for a total transaction of $363,606.28. Following the sale, the insider now directly owns 339,205 shares in the company, valued at approximately $4,006,011.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Joshua Pinto sold 31,642 shares of Neumora Therapeutics stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $11.78, for a total transaction of $372,742.76. Following the sale, the chief financial officer now owns 154,658 shares in the company, valued at approximately $1,821,871.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,538 shares of company stock worth $1,390,513. 26.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Neumora Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NMRA. Amalgamated Bank boosted its position in Neumora Therapeutics by 472.8% in the second quarter. Amalgamated Bank now owns 2,910 shares of the company’s stock valued at $29,000 after buying an additional 2,402 shares in the last quarter. Quarry LP acquired a new position in Neumora Therapeutics in the second quarter valued at about $98,000. SkyOak Wealth LLC acquired a new position in Neumora Therapeutics in the second quarter valued at about $147,000. Principal Financial Group Inc. acquired a new position in Neumora Therapeutics in the second quarter valued at about $166,000. Finally, Ballentine Partners LLC bought a new position in shares of Neumora Therapeutics in the third quarter worth about $178,000. 47.65% of the stock is currently owned by institutional investors and hedge funds.

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.