Neumora Therapeutics initiated with a Buy at BofA

BofA analyst Geoff Meacham initiated coverage of Neumora Therapeutics with a Buy rating and $18 price target. The clinical stage biotech company has built a “broad” pipeline of seven clinical and preclinical assets to treat neuropsychiatric disorders and neurodegenerative diseases, the analyst tells investors. Among these, navacaprant for major depressive disorder “may be a game-changer” and “has the potential to become a cornerstone therapy in MDD,” while other drugs in the pipeline offer potential upside, the analyst said.