Neumora Therapeutics (NASDAQ:NMRA) Shares Down 5.7%

Neumora Therapeutics, Inc. (NASDAQ:NMRA)’s share price dropped 5.7% during mid-day trading on Thursday . The stock traded as low as $11.38 and last traded at $11.43. Approximately 174,001 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 608,047 shares. The stock had previously closed at $12.12.

Wall Street Analysts Forecast Growth

NMRA has been the topic of several research analyst reports. Mizuho initiated coverage on shares of Neumora Therapeutics in a research note on Monday, July 8th. They issued an “outperform” rating and a $20.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $23.00 price objective on shares of Neumora Therapeutics in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.33.

Neumora Therapeutics Price Performance

The firm has a 50-day moving average of $11.02 and a 200 day moving average of $12.36.

Neumora Therapeutics (NASDAQ:NMRA) last issued its earnings results on Tuesday, August 6th. The company reported ($0.37) EPS for the quarter, hitting the consensus estimate of ($0.37). On average, analysts predict that Neumora Therapeutics, Inc. will post -1.46 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Avidity Partners Management LP lifted its position in Neumora Therapeutics by 10.6% in the fourth quarter. Avidity Partners Management LP now owns 1,990,632 shares of the company’s stock worth $33,940,000 after purchasing an additional 190,632 shares during the period. Price T Rowe Associates Inc. MD bought a new position in Neumora Therapeutics in the first quarter worth $10,354,000. SG Americas Securities LLC bought a new position in Neumora Therapeutics in the second quarter worth $566,000. New York State Common Retirement Fund bought a new position in shares of Neumora Therapeutics during the fourth quarter valued at $118,000. Finally, Amalgamated Bank bought a new position in shares of Neumora Therapeutics during the fourth quarter valued at $29,000. 47.65% of the stock is owned by institutional investors.

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.