Neumora Therapeutics downgraded to Hold from Buy at Stifel

Stifel downgraded Neumora Therapeutics (NMRA) to Hold from Buy with a price target of $2, down from $6. The shares are now “much harder to defend” after Johnson & Johnson (JNJ) announced it is discontinuing the Phase 3 VENTURA program of aticaprant in adjunctive major depressive disorder due to “insufficient efficacy in the target patient population.” The aticaprant failure further undermines the efficacy potential of the class, the analyst tells investors in a research note. Stifel says its $2 price target reflects a 15% probability-of-success for navacaprant with modest pipeline credit.