After Neumora Therapeutics (NMRA) announced the Phase 3 KOASTAL-1 Study of navacaprant for the treatment of major depressive disorder did not demonstrate a statistically significant improvement on the primary endpoint, Stifel called the news “a significant blow” to the bull case and argued that investors are likely to “remain very skeptical” ahead of navacaprant’s two Phase 3 readouts due in the first half of 2025. With that said, the analyst adds that “it is well-known that active antidepressants can flat out of fail due to bad luck” and notes the firm is still awaiting data from Johnson & Johnson’s (JNJ) aticaprant as positive data there could provide support for the broader KORA class. With the stock down substantially in the pre-market, Neumora’s setup is “upside-biased,” but after “what looks like a clear failure, it’s hard for us to have conviction,” adds the analyst, whose model is under review. Stifel has a Buy rating on Neumora, whose shares are down $8.69, or 82%, to $1.91 in pre-market trading.
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Read More on NMRA:
- Morning Movers: Neumora Therapeutics plummets after KOASTAL-1 misses endpoint
- Neumora down 82% after saying navacaprant did not meet primary endpoint
- Neumora Therapeutics’ navacaprant did not meet primary endpoint in depression
- Neumora: KOASTAL-1 study did not demonstrate SS improvement on primary endpoint
- Neumora Therapeutics Inc put volume heavy and directionally bearish
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
