Major Wall Street firms, such as BofA Securities, JPMorgan, and others, initiated coverage on Neumora Therapeutics (NASDAQ:NMRA), giving it a Buy or equivalent rating. Although the stock has dropped over 30% since its IPO last month, BofA Securities sees about 50% upside potential with a price target of $18.00.

Neumora, a clinical-stage biotech company, is working on developing drugs for various neurological and psychiatric disorders and has established a broad pipeline of seven clinical and preclinical assets to cater to large patient populations with high unmet medical needs.

According to the bank, the company's diverse pipeline offers numerous opportunities, and it has the potential to become one of the major players in the neuro-focused biotech field.