Needham & Company LLC Reiterates Buy Rating for Neumora Therapeutics (NASDAQ:NMRA)

Neumora Therapeutics (NASDAQ:NMRA)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They currently have a $8.00 price target on the stock. Needham & Company LLC’s price objective suggests a potential upside of 282.78% from the stock’s previous close.

Several other equities analysts have also recently weighed in on NMRA. William Blair raised shares of Neumora Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neumora Therapeutics in a research report on Thursday, January 22nd. Mizuho set a $6.00 price target on shares of Neumora Therapeutics in a research note on Monday, January 5th. Royal Bank Of Canada raised shares of Neumora Therapeutics from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $4.00 to $7.00 in a research report on Monday, December 1st. Finally, Leerink Partners began coverage on shares of Neumora Therapeutics in a report on Monday, January 12th. They issued an “outperform” rating and a $8.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Neumora Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $7.67.

Neumora Therapeutics Stock Performance

Shares of NASDAQ NMRA opened at $2.09 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.85 and a current ratio of 6.85. The stock has a 50 day moving average price of $2.74 and a 200 day moving average price of $2.32. The stock has a market capitalization of $380.46 million, a PE ratio of -1.44 and a beta of 3.08. Neumora Therapeutics has a 52 week low of $0.61 and a 52 week high of $3.65.

Neumora Therapeutics (NASDAQ:NMRA) last posted its quarterly earnings results on Monday, March 30th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Analysts predict that Neumora Therapeutics will post -1.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Paul L. Berns sold 9,819 shares of Neumora Therapeutics stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $3.51, for a total transaction of $34,464.69. Following the completion of the sale, the insider directly owned 7,395,185 shares of the company’s stock, valued at approximately $25,957,099.35. This trade represents a 0.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 23,387 shares of company stock worth $82,647. Company insiders own 26.80% of the company’s stock.

Hedge Funds Weigh In On Neumora Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Legacy Private Trust Co. bought a new position in Neumora Therapeutics during the third quarter worth about $25,000. Hsbc Holdings PLC bought a new position in shares of Neumora Therapeutics in the fourth quarter worth $27,000. Virtu Financial LLC acquired a new position in Neumora Therapeutics in the third quarter valued at about $31,000. Fred Alger Management LLC acquired a new position in shares of Neumora Therapeutics in the 4th quarter valued at approximately $40,000. Finally, Brookstone Capital Management acquired a new position in shares of Neumora Therapeutics in the 3rd quarter valued at approximately $42,000. 47.65% of the stock is currently owned by institutional investors and hedge funds.

Neumora Therapeutics Company Profile

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.