Mizuho Securities has reaffirmed its positive stance on Neumora Therapeutics (NASDAQ: NMRA), maintaining an Outperform rating and a $20.00 price target for the company's shares.
The endorsement follows a recent meeting between Mizuho analysts and Neumora's top executives, during which several significant topics were discussed.
The meeting, which included Neumora's CEO Henry Gosebruch and Head of Investor Relations Helen Rubenstein, centered on the progress of the company's leading drug candidate, navacaprant.
Navacaprant is currently in Phase 3 KOASTAL 1-3 studies for the treatment of major depressive disorder (MDD) and is a novel kappa opioid receptor antagonist (KORA).
Expectations for a positive outcome from the ongoing Phase 3 studies were a focal point of the discussion. The executives also touched upon Neumora's Alzheimer's disease agitation project involving NMRA-511, which targets the vasopressin 1a receptor (V1aR), and provided updates on the company's muscarinics portfolio for schizophrenia.
The analyst from Mizuho reported a positive impression from the meeting, expressing continued confidence and enthusiasm in the potential success of navacaprant in its Phase 3 trials.
The sentiment underpins the firm's decision to reiterate its Outperform rating on Neumora Therapeutics' stock. The company's efforts in advancing treatments for major depressive disorder and other central nervous system disorders remain a point of interest for investors and stakeholders in the biopharmaceutical industry.
Simultaneously, Neumora has initiated a Phase 2 study for navacaprant, this time focusing on its potential in treating depression associated with bipolar II disorder. Topline data from this study is anticipated in the second half of 2025.
In addition to these developments, the U.S. Food and Drug Administration (FDA) has placed a clinical hold on the Phase 1 trial of NMRA-266, another investigational treatment from Neumora, due to safety concerns. The hold was prompted by new pre-clinical data indicating convulsions in rabbits.
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