Neumora Therapeutics price target lowered to $7 from $22 at BofA

BofA analyst Geoff Meacham lowered the firm’s price target on Neumora Therapeutics (NMRA) to $7 from $22 and keeps a Buy rating on the shares. The firm notes Neumora reported that KOSTAL-1, one of three phase 3 trials, failed to show that navacaprant yielded a consistent benefit in depressed patients, noting an imbalance in results between males/females. Shares were down about 80% on that day, a level of decline suggesting there is no path forward. But theoretically, at least, there still is, if the two remaining trials, KOSTAL-2 and -3, are positive, BofA argues. With that said, the firm is lowering its probability of success from 65% to 30%, which lowers its sales and EPS forecasts beginning 2026.