Neumora Therapeutics (NASDAQ:NMRA) Shares Down 8.1% Following Weak Earnings

Neumora Therapeutics, Inc. (NASDAQ:NMRA)’s share price dropped 8.1% on Tuesday following a weaker than expected earnings announcement. The company traded as low as $12.31 and last traded at $12.54. Approximately 58,258 shares were traded during trading, a decline of 92% from the average daily volume of 715,389 shares. The stock had previously closed at $13.64.

The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.07). During the same quarter last year, the company earned ($1.14) earnings per share.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NMRA. JPMorgan Chase & Co. downgraded shares of Neumora Therapeutics from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $18.00 to $15.00 in a report on Tuesday, November 5th. Needham & Company LLC reiterated a “buy” rating and set a $23.00 target price on shares of Neumora Therapeutics in a research report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and set a $29.00 target price on shares of Neumora Therapeutics in a research note on Wednesday, September 4th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Neumora Therapeutics in a research note on Wednesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.67.

Insider Buying and Selling at Neumora Therapeutics

In other news, insider Robert A. Lenz sold 30,788 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $11.81, for a total transaction of $363,606.28. Following the sale, the insider now directly owns 339,205 shares in the company, valued at approximately $4,006,011.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Joshua Pinto sold 28,496 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $11.63, for a total value of $331,408.48. Following the completion of the sale, the chief financial officer now owns 210,469 shares in the company, valued at approximately $2,447,754.47. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Lenz sold 30,788 shares of Neumora Therapeutics stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $11.81, for a total transaction of $363,606.28. Following the transaction, the insider now directly owns 339,205 shares of the company’s stock, valued at approximately $4,006,011.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,538 shares of company stock worth $1,390,513 over the last 90 days. 26.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NMRA. Nan Fung Group Holdings Ltd bought a new stake in shares of Neumora Therapeutics during the first quarter valued at approximately $871,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Neumora Therapeutics in the 1st quarter worth $10,354,000. Baker BROS. Advisors LP purchased a new stake in shares of Neumora Therapeutics in the 1st quarter worth $8,715,000. Kennedy Capital Management LLC bought a new position in shares of Neumora Therapeutics during the 1st quarter worth $1,881,000. Finally, Artal Group S.A. increased its stake in shares of Neumora Therapeutics by 14.5% during the first quarter. Artal Group S.A. now owns 2,924,052 shares of the company’s stock valued at $40,206,000 after buying an additional 371,350 shares during the period. Hedge funds and other institutional investors own 47.65% of the company’s stock.

Neumora Therapeutics Price Performance

The firm has a fifty day moving average of $13.07 and a two-hundred day moving average of $11.41. The stock has a market capitalization of $1.76 billion, a P/E ratio of -5.76 and a beta of 3.92.

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.