Raymond James & Associates Trims Stock Position in Karuna Therapeutics, Inc. (NASDAQ:KRTX)

Raymond James & Associates lessened its stake in Karuna Therapeutics, Inc. (NASDAQ:KRTX) by 17.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,993 shares of the company’s stock after selling 408 shares during the period. Raymond James & Associates’ holdings in Karuna Therapeutics were worth $631,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of KRTX. Signaturefd LLC raised its holdings in Karuna Therapeutics by 266.7% during the 3rd quarter. Signaturefd LLC now owns 275 shares of the company’s stock valued at $46,000 after buying an additional 200 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Karuna Therapeutics by 34.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 452 shares of the company’s stock valued at $76,000 after purchasing an additional 116 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in Karuna Therapeutics by 98.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 971 shares of the company’s stock valued at $164,000 after purchasing an additional 481 shares during the last quarter. Knights of Columbus Asset Advisors LLC grew its position in Karuna Therapeutics by 5.7% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 1,152 shares of the company’s stock valued at $195,000 after purchasing an additional 62 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Karuna Therapeutics by 44.7% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 1,362 shares of the company’s stock valued at $230,000 after acquiring an additional 421 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $330.00 price objective on shares of Karuna Therapeutics in a research note on Tuesday, February 20th. Mizuho reiterated a “neutral” rating and set a $330.00 price objective (up previously from $245.00) on shares of Karuna Therapeutics in a research report on Friday, January 26th. HC Wainwright reissued a “neutral” rating and issued a $330.00 target price on shares of Karuna Therapeutics in a report on Thursday, March 14th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $330.00 price objective (up from $217.00) on shares of Karuna Therapeutics in a research note on Thursday, December 28th. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Karuna Therapeutics currently has an average rating of “Hold” and an average target price of $293.92.

Karuna Therapeutics Price Performance

Shares of KRTX stock opened at $329.83 on Thursday. The stock has a 50 day simple moving average of $325.22 and a 200-day simple moving average of $269.92. Karuna Therapeutics, Inc. has a 1-year low of $158.38 and a 1-year high of $329.99. The company has a market cap of $12.58 billion, a price-to-earnings ratio of -28.14 and a beta of 1.18.

Karuna Therapeutics (NASDAQ:KRTX) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($3.01) EPS for the quarter, missing the consensus estimate of ($2.65) by ($0.36). During the same quarter in the previous year, the business earned ($2.22) earnings per share. The firm’s quarterly revenue was down 100.0% on a year-over-year basis. Analysts anticipate that Karuna Therapeutics, Inc. will post -11.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Karuna Therapeutics news, insider Stephen K. Brannan sold 5,000 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $316.13, for a total value of $1,580,650.00. Following the completion of the sale, the insider now directly owns 41,150 shares of the company’s stock, valued at approximately $13,008,749.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 13.20% 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 includes KarXT, an oral modulator of muscarinic receptors 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.