Several big names on Wall Street, including BofA Securities, JPMorgan, Stifel, Guggenheim, and RBC Capital started coverage on Neumora Therapeutics Inc (NASDAQ:NMRA) with a Buy (or equivalent) rating today. The stock is down over 30% since its IPO last month.
BofA Securities initiated coverage on the company with a Buy rating and an $18.00 price target, implying around 50% upside potential. Neumora is a biotech company in the clinical stage, aiming to create new drugs for neuropsychiatric and neurodegenerative disorders. The bank highlighted that Neumora has set up a wide-ranging therapeutic pipeline, comprising seven clinical and preclinical assets designed to help large patient groups with major unmet medical needs.
Some of these drugs, like navacaprant for major depressive disorder (MDD)/bipolar depression, and NMRA-266 for schizophrenia, have been clinically validated and/or have a strong scientific rationale.
“Overall, the diverse pipeline and targets provide multiple opportunities for Neumora to potentially become one of the largest neuro-focused biotech companies,” added the analysts at BofA.