Bank of America Cuts Neumora Therapeutics (NASDAQ:NMRA) Price Target to $7.00

Neumora Therapeutics (NASDAQ:NMRA) had its price target reduced by Bank of America from $22.00 to $7.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also commented on the company. JPMorgan Chase & Co. lowered Neumora Therapeutics from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $18.00 to $15.00 in a research note on Tuesday, November 5th. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Neumora Therapeutics in a research report on Friday, January 3rd. Royal Bank of Canada cut shares of Neumora Therapeutics from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $29.00 to $4.00 in a research report on Thursday, January 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of Neumora Therapeutics in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Neumora Therapeutics Stock Performance

Shares of NASDAQ:NMRA opened at $2.37 on Monday. The stock’s 50-day simple moving average is $9.90 and its two-hundred day simple moving average is $11.35. The stock has a market capitalization of $382.90 million, a price-to-earnings ratio of -1.27 and a beta of 2.71. Neumora Therapeutics has a 52-week low of $1.83 and a 52-week high of $21.00.

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

Insider Buying and Selling

In related 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 value 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 26.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. State Street Corp boosted its holdings in Neumora Therapeutics by 65.3% during the 3rd quarter. State Street Corp now owns 1,790,707 shares of the company’s stock valued at $23,655,000 after acquiring an additional 707,409 shares during the period. Geode Capital Management LLC lifted its position in shares of Neumora Therapeutics by 54.0% during the third quarter. Geode Capital Management LLC now owns 1,979,847 shares of the company’s stock worth $26,159,000 after purchasing an additional 694,385 shares during the last quarter. Callan Capital LLC boosted its stake in shares of Neumora Therapeutics by 222.6% during the second quarter. Callan Capital LLC now owns 661,194 shares of the company’s stock valued at $6,500,000 after purchasing an additional 456,207 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Neumora Therapeutics by 139.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 698,255 shares of the company’s stock worth $9,224,000 after purchasing an additional 406,891 shares during the last quarter. Finally, Auour Investments LLC purchased a new position in Neumora Therapeutics in the 3rd quarter worth about $3,302,000. Institutional investors own 47.65% of the company’s stock.

Neumora Therapeutics Company Profile

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.