Neumora Therapeutics initiated with a Buy at Stifel

Stifel initiated coverage of Neumora Therapeutics with a Buy rating and $26 price target. Neumora is an emerging central nervous system company with a “deep” early stage pipeline, the analyst tells investors in a research note. The firm says for the 12-18 month stock setup, outperformance or underperformance will likely be driven by success or failure of lead asset navacaprant across three Phase 3 depression trials. It says the stock stock could offer substantial upside if pivotal trials succeed.