Bank of America Issues Pessimistic Forecast for Neumora Therapeutics (NASDAQ:NMRA) Stock Price

Neumora Therapeutics (NASDAQ:NMRA) had its price objective dropped by analysts at Bank of America from $22.00 to $7.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 171.32% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. 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, January 2nd. Royal Bank of Canada cut Neumora Therapeutics from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $29.00 to $4.00 in a report on Thursday, January 2nd. HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Neumora Therapeutics in a research report on Friday, January 3rd. Finally, JPMorgan Chase & Co. cut Neumora Therapeutics from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $18.00 to $15.00 in a research report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Neumora Therapeutics Price Performance

NASDAQ NMRA opened at $2.58 on Monday. The firm has a market capitalization of $416.83 million, a price-to-earnings ratio of -1.38 and a beta of 2.71. The company has a 50 day simple moving average of $10.10 and a 200-day simple moving average of $11.42. Neumora Therapeutics has a 52-week low of $1.83 and a 52-week high of $21.00.

Neumora Therapeutics (NASDAQ:NMRA) last released its earnings results 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 posted ($1.14) EPS. On average, analysts predict that Neumora Therapeutics will post -1.61 EPS for the current year.

Insider Activity at Neumora Therapeutics

In other news, Director Matthew K. Fust sold 14,049 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 26.40% of the company’s stock.

Institutional Trading of Neumora Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its position in shares of Neumora Therapeutics by 472.8% in the 2nd quarter. Amalgamated Bank now owns 2,910 shares of the company’s stock worth $29,000 after purchasing an additional 2,402 shares during the period. Quarry LP bought a new stake in Neumora Therapeutics during the 2nd quarter valued at $98,000. SkyOak Wealth LLC bought a new position in Neumora Therapeutics in the 2nd quarter valued at about $147,000. Principal Financial Group Inc. bought a new stake in Neumora Therapeutics during the 2nd quarter worth approximately $166,000. Finally, Intech Investment Management LLC purchased a new stake in Neumora Therapeutics in the 3rd quarter valued at $175,000. Institutional investors and hedge funds 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.