RBC Capital Markets upgraded Neumora Therapeutics, Inc. (NASDAQ:NMRA) from Sector Perform to Outperform, with an increased price forecast from $4 to $7.

The company is evolving beyond neurology and that is not reflected in market capitalization.

Analyst Brian Abrahams on Monday wrote that Neumora is “positioning” itself well with a competitive early asset in an NLRP3 class demonstrating emerging promise across multiple large-market indications, including obesity and cardiometabolic disease.

Data in 2026 “should better define the target’s potential” and could have meaningful positive readthroughs to Neumora, he added.

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Neumora Advances Obesity, Neuropsychiatry Pipeline

In October, Neumora shared preclinical data for NMRA-215 from three diet-induced obesity mouse studies. NMRA-215 demonstrated weight loss of up to 19% as a monotherapy with semaglutide-like induction and 26% in combination with semaglutide.

Neumora expects to initiate a clinical program with NMRA-215 in the first quarter of 2026, with 12-week human proof-of-concept data expected in 2026.

Neumora’s M4 franchise comprises NMRA-861 and NMRA-898, which may offer an improved therapeutic profile for schizophrenia and other neuropsychiatric disorders over the standard of care.

The company initiated a Phase 1 single-ascending dose/multiple-ascending dose study of NMRA-898.

Neumora expects to provide a comprehensive franchise update by mid-2026.

“Though we remain more cautious on their later-stage neuro programs (KOR, V1a, M4) and related upcoming readouts, with little likely baked into current valuation, we believe any successes would provide upside optionality,” Abrahams wrote in an investor note.

What’s Next

The company’s $171.5 million in cash, cash equivalents, and marketable securities is expected to support operations into 2027.

RBC Capital wrote that NLRP3 is quickly shaping up as a noteworthy metabolic and obesity target, and Neumora could begin to see value as a potential contender in this space.

Early mechanistic data and preclinical results point to broad utility for NLRP3 inhibitors in obesity, cardiometabolic conditions, neuroinflammation, and liver and kidney diseases, with no significant safety issues reported to date.

Recent data from Ventyx Biosciences Inc. (NASDAQ:VTYX) demonstrated a range of favorable cardiometabolic changes in obese patients, and despite no weight loss shown, enthusiasm still drove the stock to nearly triple to over $700 million in market cap.

Price Action: NMRA stock is up 6.92% at $2.395 at the last check on Monday.

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