Diversified CNS Pipeline and NLRP3 Opportunity Drive Upside in Neumora: Justifying an Outperform/Buy Rating

Neumora Therapeutics, Inc. (NMRA) has received a new Buy rating, initiated by Leerink Partners analyst, Marc Goodman.

Marc Goodman has given his Buy rating due to a combination of factors that center on Neumora’s diversified and potentially high‑value pipeline, underpinned by a sum‑of‑the‑parts valuation that points to meaningful upside versus the current share price. He highlights four key programs, noting that each has a credible path to clinical and commercial success, which collectively supports a favorable risk‑reward profile for the stock. A major component of his optimism is the company’s selective NLRP3 inhibitor, which he views as a differentiated asset with strong central nervous system penetration and broad application potential across obesity and cardiometabolic as well as certain neurological conditions. In addition, he views the overall portfolio breadth as an important strategic advantage that reduces reliance on any single program and enhances the probability of delivering long‑term value.

Goodman also underscores the potential upside from navacaprant, a kappa opioid receptor antagonist in major depressive disorder, where expectations are low given prior negative data, but upcoming pivotal readouts in 2Q26 could change sentiment significantly if positive. He is further encouraged by proof‑of‑concept data from NMRA‑511 in Alzheimer’s agitation, where the drug showed strong efficacy in an anxiety‑enriched subgroup with a safety and tolerability profile that appears more attractive than existing antipsychotic options. These elements feed into his $8 price target, derived from a discounted cash flow–based sum‑of‑the‑parts analysis projecting potential revenue streams into the 2040s at a 10% discount rate. While he acknowledges clinical and safety risks, particularly around NMRA‑215’s performance in obesity and cardiometabolic indications, he concludes that the overall balance of opportunity versus risk justifies an Outperform/Buy rating.

In another report released on January 5, Mizuho Securities also maintained a Buy rating on the stock with a $6.00 price target.

Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NMRA in relation to earlier this year.