Neumora Therapeutics downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Tessa Romero downgraded Neumora Therapeutics (NMRA) to Neutral from Overweight with a price target of $15, down from $18. Results from the Phase 3 KOASTAL-1 trial evaluating navacaprant as a monotherapy treatment in patients with major depressive disorder are expected some time in Q4, “which is setting up to be a binary event for the stock,” the analyst tells investors in a research note. The firm finds it difficult to continue to recommend adding to Neumora positions relative to other names in its coverage universe, given the risk/reward skew at current levels and its 50/50 split between its good/best and mixed/worst cases.