Neumora Therapeutics (NASDAQ:NMRA) Price Target Cut to $5.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut Neumora Therapeutics’ price target from $7.00 to $5.00 while keeping an outperform rating. The new target still implies significant upside from the stock’s recent close.
• Other analysts have been mixed on the name, with recent target cuts from HC Wainwright, Needham, and Mizuho, while Guggenheim reiterated a buy rating. Overall, MarketBeat shows a Moderate Buy consensus with an average price target of $6.57.
• Neumora shares were down 4.3% to $1.61 in Monday trading, and the company recently reported a quarterly loss of $0.30 per share, slightly better than estimates. Institutional ownership remains notable, with hedge funds and other investors holding 47.65% of the stock.

Neumora Therapeutics (NASDAQ:NMRA - Get Free Report) had its price target cut by investment analysts at Royal Bank Of Canada from $7.00 to $5.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price points to a potential upside of 211.14% from the company's previous close.

Several other analysts have also recently weighed in on the company. Guggenheim reaffirmed a "buy" rating and set a $14.00 price objective on shares of Neumora Therapeutics in a research report on Tuesday, March 31st. HC Wainwright decreased their target price on Neumora Therapeutics from $18.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, June 16th. Weiss Ratings restated a "sell (d-)" rating on shares of Neumora Therapeutics in a research note on Tuesday, April 21st. Needham & Company LLC dropped their price target on Neumora Therapeutics from $8.00 to $5.00 and set a "buy" rating on the stock in a research report on Tuesday, June 16th. Finally, Mizuho reduced their price target on Neumora Therapeutics from $6.00 to $4.00 and set an "outperform" rating on the stock in a research note on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Neumora Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $6.57.

Neumora Therapeutics Trading Down 4.3%

NASDAQ NMRA traded down $0.07 during trading on Monday, hitting $1.61. The company had a trading volume of 55,669 shares, compared to its average volume of 1,942,985. The company's fifty day moving average is $1.74 and its 200-day moving average is $2.18. Neumora Therapeutics has a one year low of $0.83 and a one year high of $3.65. The company has a current ratio of 5.09, a quick ratio of 5.09 and a debt-to-equity ratio of 0.75. The company has a market cap of $297.75 million, a price-to-earnings ratio of -1.21 and a beta of 2.74.

Neumora Therapeutics (NASDAQ:NMRA - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates of ($0.32) by $0.02. On average, sell-side analysts predict that Neumora Therapeutics will post -0.93 earnings per share for the current year.

Institutional Investors Weigh In On Neumora Therapeutics

Institutional investors have recently made changes to their positions in the company. Hsbc Holdings PLC purchased a new position in Neumora Therapeutics in the 4th quarter worth approximately $27,000. Virtu Financial LLC purchased a new stake in Neumora Therapeutics during the 3rd quarter valued at $31,000. Legacy Private Trust Co. increased its holdings in shares of Neumora Therapeutics by 35.7% in the 4th quarter. Legacy Private Trust Co. now owns 19,000 shares of the company's stock worth $34,000 after purchasing an additional 5,000 shares in the last quarter. Fred Alger Management LLC bought a new stake in shares of Neumora Therapeutics in the 4th quarter worth $40,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Neumora Therapeutics in the third quarter worth $44,000. Hedge funds and other institutional investors own 47.65% of the company's stock.

About Neumora Therapeutics

Neumora Therapeutics, headquartered in Cambridge, Massachusetts, is a clinical-stage biopharmaceutical company focused on developing precision therapies for disorders of the central nervous system. The company applies an integrated approach that combines advanced biological insights, single-cell genomics and machine learning to accelerate the discovery and development of novel treatments for neurological and psychiatric diseases.

Neumora's product pipeline spans small molecules, biologics and gene-based modalities targeting areas of high unmet need such as neurodegenerative conditions, mood and anxiety disorders, neuropathic pain and movement disorders.

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