Russell Investments Group Ltd. Grows Holdings in Karuna Therapeutics, Inc. (NASDAQ:KRTX)

Russell Investments Group Ltd. raised its position in Karuna Therapeutics, Inc. (NASDAQ:KRTX) by 4,225.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,580 shares of the company’s stock after purchasing an additional 5,451 shares during the period. Russell Investments Group Ltd.’s holdings in Karuna Therapeutics were worth $1,014,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KRTX. Parallel Advisors LLC increased its stake in shares of Karuna Therapeutics by 772.7% during the 4th quarter. Parallel Advisors LLC now owns 192 shares of the company’s stock valued at $38,000 after acquiring an additional 170 shares during the last quarter. Almanack Investment Partners LLC. acquired a new position in shares of Karuna Therapeutics during the 3rd quarter valued at about $51,000. Exchange Traded Concepts LLC acquired a new position in shares of Karuna Therapeutics during the 1st quarter valued at about $62,000. Advisor Group Holdings Inc. increased its stake in shares of Karuna Therapeutics by 47.5% during the 4th quarter. Advisor Group Holdings Inc. now owns 435 shares of the company’s stock valued at $86,000 after acquiring an additional 140 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of Karuna Therapeutics by 34.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 468 shares of the company’s stock valued at $85,000 after acquiring an additional 119 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Karuna Therapeutics from $260.00 to $250.00 in a research note on Monday, June 5th. Wells Fargo & Company assumed coverage on shares of Karuna Therapeutics in a research note on Tuesday, August 22nd. They set an “overweight” rating and a $225.00 price objective for the company. Mizuho dropped their target price on shares of Karuna Therapeutics from $274.00 to $258.00 and set a “buy” rating for the company in a research report on Friday, August 4th. Cantor Fitzgerald reissued a “neutral” rating and set a $214.00 target price on shares of Karuna Therapeutics in a research report on Tuesday, August 22nd. Finally, Royal Bank of Canada dropped their target price on shares of Karuna Therapeutics from $249.00 to $235.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Karuna Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $263.50.

Karuna Therapeutics Stock Up 2.3 %

Shares of NASDAQ:KRTX opened at $187.76 on Friday. Karuna Therapeutics, Inc. has a 52-week low of $159.73 and a 52-week high of $263.88. The company has a 50 day moving average of $197.82 and a two-hundred day moving average of $201.69. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of -18.50 and a beta of 1.03.

Karuna Therapeutics (NASDAQ:KRTX) last issued its quarterly earnings data on Thursday, August 3rd. The company reported ($2.75) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.76) by $0.01. Karuna Therapeutics had a negative net margin of 2,795.96% and a negative return on equity of 27.13%. The company had revenue of $0.10 million during the quarter, compared to the consensus estimate of $0.42 million. During the same quarter last year, the company earned ($2.17) earnings per share. Karuna Therapeutics’s revenue for the quarter was down 98.1% on a year-over-year basis. On average, equities analysts anticipate that Karuna Therapeutics, Inc. will post -11.04 earnings per share for the current year.

Insider Activity

In other news, Director Laurie J. Olson sold 1,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $215.65, for a total transaction of $215,650.00. Following the completion of the transaction, the director now directly owns 990 shares in the company, valued at approximately $213,493.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Jeffrey M. Jonas sold 13,810 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $195.81, for a total transaction of $2,704,136.10. Following the completion of the transaction, the director now directly owns 990 shares in the company, valued at approximately $193,851.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Laurie J. Olson sold 1,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $215.65, for a total value of $215,650.00. Following the transaction, the director now owns 990 shares of the company’s stock, valued at $213,493.50. The disclosure for this sale can be found here. In the last three months, insiders sold 16,310 shares of company stock worth $3,182,466. 13.20% of the stock is currently owned by insiders.

About Karuna Therapeutics

Karuna Therapeutics, Inc operates as a clinical-stage biopharmaceutical company. engages in business of research and development of therapies utilizing muscarinic cholinergic receptors to treat psychosis and cognitive impairment in numerous central nervous system disorders. The company was founded by Andrew Miller, Eric Elenko, and Peter Jeffrey Conn in July 2009 and is headquartered in Boston, MA.