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Investing.com - Mizuho (NYSE:MFG) raised its price target on Neumora Therapeutics (NASDAQ:NMRA) to $5.00 from $4.00 on Wednesday, while maintaining an Outperform rating on the stock. The company, currently valued at $234.53 million, has seen its shares surge 42.16% in the past week, though they remain 87.79% lower year-over-year.
The price target increase follows Neumora’s introduction of NMRA-861, a new M4 PAM candidate for schizophrenia and other neuropsychiatric disorders, and the announcement of its advancement into clinical trials.
Mizuho projects a U.S. launch for NMRA-861 in 2034 with risk-unadjusted sales reaching $1.2 billion by 2037, providing the basis for the 25% increase in price target.
The firm noted that despite Neumora trading at negative enterprise value following negative Phase 3 data for navacaprant in depression earlier this year, the company’s pipeline remains promising.
Mizuho identified four distinct clinical catalysts expected over the next 12 months that could potentially drive stock inflection, contributing to what the firm describes as a favorable risk/reward profile.
In other recent news, Neumora Therapeutics reported a net loss of $68 million for the first quarter of 2025, an increase from $53.7 million in the same period last year. Despite the loss, the company has secured a $125 million debt facility, ensuring financial stability with a cash runway into 2027. Neumora has initiated a Phase 1 trial for its schizophrenia drug, NMRA-861, which is expected to yield data by the first quarter of 2026. This drug, a positive allosteric modulator of the M4 muscarinic receptor, is being tested in healthy adults and adults with stable schizophrenia. H.C. Wainwright has reiterated its Buy rating for Neumora, maintaining an $18.00 price target, following the company’s selection of a new lead M4 PAM candidate. Neumora faces a delisting risk from Nasdaq due to non-compliance with the minimum bid price requirement, and a proposed reverse stock split is under consideration to address this issue. The company is also progressing with several neuroscience programs, including a second M4 PAM candidate nearing an Investigational New Drug filing.
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