BofA double downgraded Neumora Therapeutics (NMRA) to Underperform from Buy with a price target of $1, down from $7. The firm is taking a more conservative view on the company’s lead navacaprant program in major depressive disorder following the negative Phase 3 KOASTAL-1 readout. Patient selection is a challenge area and despite Neumora’s best efforts to mitigate risk, the changes are unlikely to increase the chances or success, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NMRA:
- Neumora Therapeutics downgraded to Market Perform from Outperform at William Blair
- Johnson & Johnson discontinues depression program for aticaprant
- Douglas Tsao Recommends ‘Buy’ for Neumora Therapeutics Due to Navacaprant’s Market Potential and Differentiated Pharmacology
- Neumora Therapeutics downgraded to Neutral from Buy at Guggenheim
- Cautious Hold Rating on Neumora Therapeutics Amid Efficacy Concerns and Clinical Trial Setbacks