Multiple brokerages start Neumora Therapeutics with bullish rating

Neumora Therapeutics

10/10/2023 15:30

** Multiple brokerages start Neumora Therapeutics'  NMRA.O 
stock coverage on optimism over co's lead product navacaprant
and other early-stage pipeline candidates
    ** Shares of the company were up 5.5% but pared all
premarket gains in early trading; stock now down 3.1% to $11.6
    ** NMRA's lead product navacaprant, an investigational
once-daily oral medication, is in late-stage trials as a
potential monotherapy treatment for major depressive disorder
    ** Initial data from the trial expected in H2'24 
    ** J.P. Morgan ("overweight", PT:$21) believes there is the
potential for navacaprant to work; adds mechanism of action
appears to be differentiated relative to current standard of
care antidepressants in MMD
    ** RBC ("outperform", PT:$24) expects trial data to be
promising
    ** Says clean safety profile could give navacaprant key
differentiation in a large MDD market; sees $2.0 bln U.S. MDD
sales potential
    ** William Blair ("outperform", PT:$26) says, given the high
prevalence of MDD, if approved, even single-digit penetration
could yield multibillion-dollar annual revenue
    ** Including session's fall, stock down 29.7% since market
debut last month 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))