Neumora Therapeutics (NASDAQ:NMRA) Stock Price Down 8.1% After Earnings Miss

Neumora Therapeutics, Inc. (NASDAQ:NMRA) shares dropped 8.1% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $12.31 and last traded at $12.54. Approximately 58,258 shares changed hands during mid-day 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 Ratings Changes

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

Insider Transactions at Neumora Therapeutics

In other Neumora Therapeutics news, insider Robert A. Lenz sold 5,563 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $15.01, for a total value of $83,500.63. Following the completion of the sale, the insider now owns 322,966 shares in the company, valued at approximately $4,847,719.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Neumora Therapeutics news, insider Robert A. Lenz sold 5,563 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $15.01, for a total value of $83,500.63. Following the sale, the insider now owns 322,966 shares in the company, valued at $4,847,719.66. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert A. Lenz sold 30,788 shares of Neumora Therapeutics stock in a transaction that occurred on Tuesday, September 17th. The stock was 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 directly owns 339,205 shares in the company, valued at approximately $4,006,011.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,538 shares of company stock valued at $1,390,513 over the last three months. Corporate insiders own 26.40% of the company’s stock.

Institutional Trading of Neumora Therapeutics

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

Neumora Therapeutics Price Performance

The firm has a market cap of $1.72 billion, a P/E ratio of -5.76 and a beta of 3.92. The stock’s 50-day simple moving average is $13.07 and its two-hundred day simple moving average is $11.41.

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.