Neumora Therapeutics (NASDAQ:NMRA) Rating Lowered to “Sector Perform” at Royal Bank of Canada

Neumora Therapeutics (NASDAQ:NMRA) was downgraded by analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued on Thursday,Briefing.com Automated Import reports. They currently have a $4.00 price objective on the stock, down from their prior price objective of $29.00. Royal Bank of Canada’s price objective suggests a potential upside of 96.08% from the stock’s current price.

Other equities analysts have also issued reports about the stock. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Neumora Therapeutics in a research note on Monday, December 16th. JPMorgan Chase & Co. downgraded 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. Finally, Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of Neumora Therapeutics in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.40.

Neumora Therapeutics Price Performance

Shares of Neumora Therapeutics stock traded down $8.56 on Thursday, reaching $2.04. 21,934,642 shares of the company were exchanged, compared to its average volume of 751,982. The stock’s 50 day moving average price is $10.89 and its 200-day moving average price is $11.59. Neumora Therapeutics has a 1-year low of $1.83 and a 1-year high of $21.00. The company has a market cap of $329.58 million, a P/E ratio of -1.09 and a beta of 3.34.

Neumora Therapeutics (NASDAQ:NMRA) last released its quarterly earnings data 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 period last year, the firm earned ($1.14) EPS. On average, research analysts predict that Neumora Therapeutics will post -1.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Neumora Therapeutics news, Director Matthew K. Fust sold 14,049 shares of Neumora Therapeutics stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $17.03, for a total value of $239,254.47. Following the transaction, the director now directly owns 20,100 shares in the company, valued at approximately $342,303. This trade represents a 41.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robert A. Lenz sold 5,563 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $15.01, for a total value of $83,500.63. Following the sale, the insider now owns 322,966 shares of the company’s stock, valued at $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 currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NMRA. Amalgamated Bank lifted its holdings 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 acquiring an additional 2,402 shares during the period. Quarry LP acquired a new stake in shares of Neumora Therapeutics in the second quarter valued at about $98,000. Intech Investment Management LLC acquired a new position in Neumora Therapeutics during the third quarter worth about $175,000. Ballentine Partners LLC acquired a new stake in shares of Neumora Therapeutics during the 3rd quarter valued at approximately $178,000. Finally, SkyOak Wealth LLC acquired a new stake in shares of Neumora Therapeutics during the 2nd quarter valued at approximately $147,000. 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.