Mizuho Raises Price Target for Neumora (NMRA), Keeps Outperform Rating

Neumora Therapeutics, Inc. (NASDAQ:NMRA) is one of the 11 Best New Penny Stocks to Buy Right Now. On July 16, Mizuho increased its price target for Neumora Therapeutics, Inc. (NASDAQ:NMRA) from $4 to $5 and kept an “Outperform” rating.

This decision came after Neumora Therapeutics, Inc. (NASDAQ:NMRA) introduced NMRA-861, which is a strong and selective positive allosteric modulator (PAM) of the M4 muscarinic receptor. The company is developing NMRA-861 for the treatment of schizophrenia and other neuropsychiatric disorders.

Mizuho expects NMRA-861 to be launched in the US in 2034 with risk-unadjusted sales reaching $1.2 billion by 2037. This supports the firm’s decision to increase the price target.

The research firm also noted that even though Neumora Therapeutics, Inc. (NASDAQ:NMRA) trades at a negative enterprise value because of negative Phase 3 data for navacaprant in depression earlier this year, the company’s pipeline is still very promising.

Mizuho identified four distinct clinical catalysts for Neumora Therapeutics, Inc. (NASDAQ:NMRA) expected over the next 12 months that could positively affect the stock price. The firm sees a good risk/reward balance for investing in the stock.

Neumora Therapeutics, Inc. (NASDAQ:NMRA) is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing novel therapies for brain diseases.

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Disclosure: None. This article is originally published at Insider Monkey.