Neumora Therapeutics price target raised to $31 from $24 at RBC Capital

RBC Capital analyst Brian Abrahams raised the firm’s price target on Neumora Therapeutics (NMRA) to $31 from $24 and keeps an Outperform rating on the shares. The analyst notes that the timelines remain on track for the second half of 2024 in the first phase 3 readout from novel antidepressant navacaprant. RBC continues to believe that the prior data from the drug and others in the class bode well for potential efficacy and safety when they, as well as Johnson&Johnson (JNJ), reveal KOR antagonist data later this year.