Shares of Karuna Therapeutics, Inc. (NASDAQ:KRTX) have been given a consensus recommendation of “Buy” by the ten research firms that are presently covering the firm, Marketbeat.com reports. Ten equities research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $155.50.
A number of research analysts have commented on the company. The Goldman Sachs Group lowered their target price on Karuna Therapeutics from $192.00 to $171.00 and set a “buy” rating on the stock in a research note on Friday, May 7th. Bank of America initiated coverage on Karuna Therapeutics in a research report on Monday, March 22nd. They set a “buy” rating and a $150.00 price objective for the company. HC Wainwright boosted their price objective on Karuna Therapeutics from $130.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, April 26th. Royal Bank of Canada boosted their price objective on Karuna Therapeutics from $164.00 to $173.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 23rd. They noted that the move was a valuation call. Finally, Zacks Investment Research raised Karuna Therapeutics from a “hold” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Wednesday, May 5th.
Shares of NASDAQ KRTX opened at $120.04 on Friday. The firm has a market cap of $3.54 billion, a PE ratio of -35.83 and a beta of 1.84. The stock has a fifty day moving average of $118.43. Karuna Therapeutics has a 52-week low of $69.58 and a 52-week high of $146.97.
Karuna Therapeutics (NASDAQ:KRTX) last issued its quarterly earnings results on Thursday, May 6th. The company reported ($1.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.04. As a group, equities research analysts forecast that Karuna Therapeutics will post -5.94 earnings per share for the current fiscal year.
In related news, CFO Troy A. Ignelzi sold 900 shares of the firm’s stock in a transaction on Monday, June 14th. The stock was sold at an average price of $132.52, for a total transaction of $119,268.00. Following the sale, the chief financial officer now owns 15,248 shares of the company’s stock, valued at approximately $2,020,664.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Troy A. Ignelzi sold 7,000 shares of the firm’s stock in a transaction on Monday, May 10th. The stock was sold at an average price of $110.07, for a total value of $770,490.00. Following the sale, the chief financial officer now directly owns 20,000 shares in the company, valued at approximately $2,201,400. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,367 shares of company stock worth $5,553,187. 18.10% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. First Mercantile Trust Co. bought a new position in shares of Karuna Therapeutics in the 1st quarter valued at about $43,000. Penserra Capital Management LLC lifted its stake in Karuna Therapeutics by 171.9% in the 4th quarter. Penserra Capital Management LLC now owns 620 shares of the company’s stock valued at $62,000 after purchasing an additional 392 shares during the last quarter. FORA Capital LLC acquired a new stake in Karuna Therapeutics during the first quarter worth approximately $67,000. Royal Bank of Canada lifted its position in Karuna Therapeutics by 501.8% during the first quarter. Royal Bank of Canada now owns 1,023 shares of the company’s stock worth $123,000 after acquiring an additional 853 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in Karuna Therapeutics by 10.5% during the first quarter. IFP Advisors Inc now owns 1,039 shares of the company’s stock worth $127,000 after acquiring an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 85.25% of the company’s stock.
About Karuna Therapeutics
Karuna Therapeutics, Inc, a clinical-stage biopharmaceutical company, creates and delivers transformative medicines for people living with psychiatric and neurological conditions. Its lead product candidate is KarXT, an oral modulator of muscarinic receptors that has completed Phase II clinical trial for the treatment of acute psychosis in patients with schizophrenia; and in Phase Ib clinical trial for the treatment of central nervous system disorders, such as negative and cognitive symptoms of schizophrenia and psychosis, as well as for the treatment of dementia-related psychosis.
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