Guggenheim initiated coverage of Neumora Therapeutics with a Buy rating and $22 price target. The firm’s thesis centers around the company’s “rich pipeline” and its positive view of lead asset navacaprant, a selective KOR antagonist, currently in Phase III development for the potential treatment of major depressive disorder. Navacaprant has been sufficiently validated for the treatment of MDD by preclinical and clinical Phase II studies, and represents a novel differentiated molecule with an excellent safety profile, the analyst tells investors in a research note.
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