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

Neumora Therapeutics, Inc. (NASDAQ:NMRA) shares were down 8.1% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock 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 analysts’ consensus estimates of ($0.38) by ($0.07). During the same period in the previous year, the firm earned ($1.14) EPS.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, CFO Joshua Pinto sold 31,642 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $11.78, for a total value of $372,742.76. Following the transaction, the chief financial officer now owns 154,658 shares in the company, valued at $1,821,871.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Joshua Pinto sold 31,642 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $11.78, for a total value of $372,742.76. Following the completion of the sale, the chief financial officer now directly owns 154,658 shares in the company, valued at $1,821,871.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert A. Lenz sold 30,788 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $11.81, for a total value of $363,606.28. Following the completion of the sale, the insider now owns 339,205 shares of the company’s stock, valued at approximately $4,006,011.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,538 shares of company stock valued at $1,390,513. 26.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Neumora Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank lifted its position in shares of Neumora Therapeutics by 472.8% during the second quarter. Amalgamated Bank now owns 2,910 shares of the company’s stock worth $29,000 after purchasing an additional 2,402 shares in the last quarter. Quarry LP purchased a new position in shares of Neumora Therapeutics in the 2nd quarter valued at about $98,000. SkyOak Wealth LLC acquired a new stake in shares of Neumora Therapeutics during the 2nd quarter worth about $147,000. Principal Financial Group Inc. purchased a new stake in Neumora Therapeutics during the second quarter worth approximately $166,000. Finally, Intech Investment Management LLC acquired a new position in Neumora Therapeutics in the third quarter valued at approximately $175,000. 47.65% of the stock is currently owned by hedge funds and other institutional investors.

Neumora Therapeutics Stock Performance

The stock has a market capitalization of $1.76 billion, a PE ratio of -5.76 and a beta of 3.92. The stock’s 50-day moving average is $13.07 and its 200 day moving average is $11.41.

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.