Neumora Therapeutics (NASDAQ:NMRA) Shares Down 3% – Should You Sell?

Shares of Neumora Therapeutics, Inc. (NASDAQ:NMRA) dropped 3% during mid-day trading on Tuesday . The stock traded as low as $10.58 and last traded at $10.79. Approximately 68,888 shares traded hands during trading, a decline of 91% from the average daily volume of 748,016 shares. The stock had previously closed at $11.12.

Wall Street Analyst Weigh In

NMRA has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price on shares of Neumora Therapeutics in a research report on Monday, December 16th. Needham & Company LLC reissued a “buy” rating and set a $23.00 target price on shares of Neumora Therapeutics in a report on Wednesday, November 13th. JPMorgan Chase & Co. cut shares of 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 research report on Tuesday, November 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $29.00 price target on shares of Neumora Therapeutics in a research 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.40.

Neumora Therapeutics Price Performance

The firm has a market cap of $1.71 billion, a P/E ratio of -5.65 and a beta of 3.34. The company’s 50-day moving average is $11.52 and its two-hundred day moving average is $11.56.

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 quarter in the previous year, the business earned ($1.14) earnings per share. On average, analysts expect that Neumora Therapeutics, Inc. will post -1.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Matthew K. Fust sold 14,049 shares of the firm’s stock in a transaction on 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 approximately $342,303. This trade represents a 41.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert A. Lenz sold 5,563 shares of the stock in a transaction on 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 owns 322,966 shares of the company’s stock, valued at $4,847,719.66. The trade was a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 26.40% of the company’s stock.

Hedge Funds Weigh In On Neumora Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank boosted its stake 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 purchasing an additional 2,402 shares during the last quarter. Quarry LP bought a new stake in Neumora Therapeutics during the second quarter valued at $98,000. Intech Investment Management LLC acquired a new stake in Neumora Therapeutics during the 3rd quarter worth about $175,000. Ballentine Partners LLC bought a new position in shares of Neumora Therapeutics in the 3rd quarter worth about $178,000. Finally, SkyOak Wealth LLC acquired a new position in shares of Neumora Therapeutics in the 2nd quarter valued at about $147,000. 47.65% of the stock is 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.