Karuna Therapeutics (NASDAQ:KRTX) PT Lowered to $225.00

Karuna Therapeutics (NASDAQ:KRTX) had its price target reduced by equities researchers at Royal Bank of Canada from $235.00 to $225.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 21.35% from the company’s current price.

A number of other equities analysts also recently weighed in on KRTX. Wells Fargo & Company started coverage on shares of Karuna Therapeutics in a research note on Tuesday, August 22nd. They set an “overweight” rating and a $225.00 target price for the company. The Goldman Sachs Group decreased their price target on shares of Karuna Therapeutics from $332.00 to $296.00 and set a “buy” rating for the company in a research note on Friday. Bank of America decreased their price target on shares of Karuna Therapeutics from $304.00 to $259.00 and set a “buy” rating for the company in a research note on Friday, September 8th. HC Wainwright reaffirmed a “buy” rating and issued a $300.00 price target on shares of Karuna Therapeutics in a research note on Thursday, September 28th. Finally, Mizuho decreased their price target on shares of Karuna Therapeutics from $274.00 to $258.00 and set a “buy” rating for the company in a research note on Friday, August 4th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $259.77.

Karuna Therapeutics Stock Up 9.6 %

Shares of NASDAQ KRTX opened at $185.42 on Friday. Karuna Therapeutics has a twelve month low of $158.38 and a twelve month high of $245.00. The firm has a fifty day simple moving average of $174.55 and a 200 day simple moving average of $197.46. The company has a market capitalization of $6.98 billion, a PE ratio of -18.27 and a beta of 1.14.

Karuna Therapeutics (NASDAQ:KRTX) last announced its earnings results on Thursday, August 3rd. The company reported ($2.75) earnings per share for the quarter, topping analysts’ consensus estimates 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 business 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 firm earned ($2.17) earnings per share. Karuna Therapeutics’s quarterly revenue was down 98.1% on a year-over-year basis. As a group, equities analysts expect that Karuna Therapeutics will post -11.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Stephen K. Brannan sold 5,000 shares of the business’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $173.24, for a total transaction of $866,200.00. Following the transaction, the insider now directly owns 31,150 shares in the company, valued at $5,396,426. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Stephen K. Brannan sold 5,000 shares of the business’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $173.24, for a total transaction of $866,200.00. Following the transaction, the insider now directly owns 31,150 shares in the company, valued at $5,396,426. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Troy A. Ignelzi sold 1,500 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $175.12, for a total transaction of $262,680.00. Following the transaction, the chief financial officer now owns 30,487 shares in the company, valued at $5,338,883.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,309 shares of company stock worth $4,644,205. 13.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC boosted its stake in Karuna Therapeutics by 266.7% in the third quarter. Signaturefd LLC now owns 275 shares of the company’s stock valued at $46,000 after acquiring an additional 200 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Karuna Therapeutics by 28.0% in the third quarter. Nomura Asset Management Co. Ltd. now owns 10,883 shares of the company’s stock valued at $1,840,000 after acquiring an additional 2,383 shares during the last quarter. Rice Hall James & Associates LLC boosted its stake in Karuna Therapeutics by 119.8% in the third quarter. Rice Hall James & Associates LLC now owns 39,381 shares of the company’s stock valued at $6,659,000 after acquiring an additional 21,465 shares during the last quarter. Duality Advisers LP purchased a new position in Karuna Therapeutics in the third quarter valued at about $656,000. Finally, Knights of Columbus Asset Advisors LLC boosted its stake in Karuna Therapeutics by 5.7% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 1,152 shares of the company’s stock valued at $195,000 after acquiring an additional 62 shares during the last quarter.

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 includes 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 various peripheral tissues and dementia-related psychosis, including Alzheimer's disease.