Neumora initiated with Outperform, $26 fair value at William Blair

William Blair initiated coverage of Neumora Therapeutics with an Outperform rating and $26 fair value estimate. Neumora is advancing a “multipronged pipeline” focused on novel mechanisms in psychiatry and neurology indications with unmet need, the analyst tells investors in a research note. The firm says the company’s lead asset navacaprant in development for treatment of major depressive disorder should yield top-line data from registrational studies starting with KOASTAL-1 in the second half of 2024. Additional pipeline assets in psychiatric and neurodegenerative diseases provide “other shots on goal,” says Blair.