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Mizuho started coverage of Neumora Therapeutics (NASDAQ:NMRA) with an outperform rating, stating it sees 50%+ upside to the stock if the company reports positive Phase 3 data for its lead drug navacaprant in the treatment of major depressive disorder.
The investment bank noted the Phase 3 data is expected in Q4. It added it was bullish on the product based on de-risking Phase 2 data, validation for a rival program and positive reaction from key opinion leaders.
Mizuho set its price target for the stock at $20.