Neumora upgraded to Outperform from Market Perform at William Blair

William Blair analyst Myles Minter upgraded Neumora Therapeutics (NMRA) to Outperform from Market Perform with a net present value estimate of $7.62 per share. The firm increased its probability of success for NMRA-511 in Alzheimer’s disease agitation to 35% after Neumora presented data from its Phase Ib study. The study showed meaningful reductions in the Cohen-Mansfield Agitation Inventory endpoint, the analyst tells investors in a research note. Blair continues to view Alzheimer’s disease agitation as a blockbuster market opportunity with peak U.S. NMRA-511 sales of $1.8B “using conservative assumptions.”