SG Americas Securities LLC Cuts Stock Position in Karuna Therapeutics, Inc. (NASDAQ:KRTX)

SG Americas Securities LLC trimmed its holdings in shares of Karuna Therapeutics, Inc. (NASDAQ:KRTX – Get Rating) by 64.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,118 shares of the company’s stock after selling 13,054 shares during the period. SG Americas Securities LLC’s holdings in Karuna Therapeutics were worth $1,601,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of KRTX. Vanguard Group Inc. raised its position in Karuna Therapeutics by 1.8% during the first quarter. Vanguard Group Inc. now owns 2,121,152 shares of the company’s stock worth $268,940,000 after acquiring an additional 36,816 shares during the period. State Street Corp grew its holdings in shares of Karuna Therapeutics by 15.8% during the second quarter. State Street Corp now owns 1,188,437 shares of the company’s stock worth $150,349,000 after buying an additional 161,930 shares in the last quarter. Pivotal bioVenture Partners Investment Advisor LLC grew its holdings in shares of Karuna Therapeutics by 3.4% in the second quarter. Pivotal bioVenture Partners Investment Advisor LLC now owns 881,458 shares of the company’s stock valued at $111,513,000 after purchasing an additional 28,750 shares during the period. Ensign Peak Advisors Inc grew its holdings in shares of Karuna Therapeutics by 1.1% in the first quarter. Ensign Peak Advisors Inc now owns 258,961 shares of the company’s stock valued at $32,834,000 after purchasing an additional 2,850 shares during the period. Finally, Franklin Resources Inc. lifted its position in Karuna Therapeutics by 9.9% in the second quarter. Franklin Resources Inc. now owns 250,279 shares of the company’s stock valued at $31,662,000 after buying an additional 22,615 shares during the last quarter.

Insider Transactions at Karuna Therapeutics

In other news, insider Stephen K. Brannan sold 5,000 shares of the stock in a transaction on Monday, January 9th. The stock was sold at an average price of $197.52, for a total value of $987,600.00. Following the completion of the transaction, the insider now owns 15,000 shares of the company’s stock, valued at $2,962,800. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Stephen K. Brannan sold 5,000 shares of the company’s stock in a transaction on Monday, January 9th. The stock was sold at an average price of $197.52, for a total transaction of $987,600.00. Following the completion of the sale, the insider now directly owns 15,000 shares of the company’s stock, valued at $2,962,800. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Andrew Craig Miller sold 15,000 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $225.08, for a total value of $3,376,200.00. Following the sale, the chief operating officer now directly owns 38,500 shares of the company’s stock, valued at $8,665,580. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,500 shares of company stock valued at $13,598,625. 16.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

KRTX has been the topic of several research reports. Royal Bank of Canada increased their price target on shares of Karuna Therapeutics from $292.00 to $293.00 in a research report on Thursday, September 29th. Wells Fargo & Company dropped their price target on shares of Karuna Therapeutics from $264.00 to $262.00 and set an “overweight” rating on the stock in a research note on Friday, November 4th. Mizuho lowered their target price on shares of Karuna Therapeutics from $276.00 to $270.00 and set a “buy” rating on the stock in a research report on Friday, December 9th. Loop Capital began coverage on shares of Karuna Therapeutics in a research report on Tuesday, November 1st. They issued a “buy” rating and a $288.00 price objective on the stock. Finally, Piper Sandler began coverage on shares of Karuna Therapeutics in a research report on Thursday, January 5th. They issued an “overweight” rating and a $285.00 price objective on the stock. Fifteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Karuna Therapeutics presently has an average rating of “Buy” and an average target price of $260.69.

Karuna Therapeutics Stock Performance

Shares of NASDAQ:KRTX opened at $200.75 on Monday. The stock has a 50-day simple moving average of $210.43 and a 200-day simple moving average of $206.76. The stock has a market capitalization of $6.90 billion, a P/E ratio of -26.98 and a beta of 1.25. Karuna Therapeutics, Inc. has a 1 year low of $92.26 and a 1 year high of $278.25.

Karuna Therapeutics (NASDAQ:KRTX – Get Rating) last announced its earnings results on Thursday, November 3rd. The company reported ($2.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.99) by ($0.39). The business had revenue of $0.08 million during the quarter, compared to the consensus estimate of $10.00 million. Analysts predict that Karuna Therapeutics, Inc. will post -8.78 earnings per share for the current year.

Karuna Therapeutics Company Profile

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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 is in Phase III clinical trial for the treatment of acute psychosis in patients with schizophrenia; and 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.