Karuna Therapeutics (NASDAQ:KRTX – Get Rating) had its target price hoisted by Royal Bank of Canada from $292.00 to $293.00 in a research report sent to investors on Thursday morning, The Fly reports.

A number of other equities research analysts have also commented on KRTX. JMP Securities upped their price objective on shares of Karuna Therapeutics from $175.00 to $190.00 and gave the company a market outperform rating in a research note on Tuesday, June 28th. HC Wainwright upped their price objective on shares of Karuna Therapeutics from $160.00 to $320.00 and gave the company a buy rating in a research note on Monday, August 15th. Mizuho upped their price objective on shares of Karuna Therapeutics from $190.00 to $276.00 and gave the company a buy rating in a research note on Tuesday, August 9th. SVB Leerink boosted their target price on shares of Karuna Therapeutics from $170.00 to $270.00 and gave the company an outperform rating in a research report on Tuesday, August 9th. Finally, Wells Fargo & Company boosted their target price on shares of Karuna Therapeutics from $186.00 to $264.00 and gave the company an overweight rating in a research report on Wednesday, August 10th. Fifteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of $246.44.

Karuna Therapeutics Price Performance

KRTX opened at $224.50 on Thursday. Karuna Therapeutics has a fifty-two week low of $92.26 and a fifty-two week high of $278.25. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of -33.11 and a beta of 1.21. The company's 50 day moving average price is $222.91 and its two-hundred day moving average price is $154.40.

Insider Activity

In other news, insider Stephen K. Brannan sold 15,000 shares of the stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $133.29, for a total value of $1,999,350.00. Following the completion of the sale, the insider now owns 15,000 shares in the company, valued at $1,999,350. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Stephen K. Brannan sold 25,000 shares of the stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $228.08, for a total transaction of $5,702,000.00. Following the completion of the transaction, the insider now owns 15,000 shares in the company, valued at $3,421,200. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Stephen K. Brannan sold 15,000 shares of the stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $133.29, for a total transaction of $1,999,350.00. Following the transaction, the insider now owns 15,000 shares of the company's stock, valued at approximately $1,999,350. The disclosure for this sale can be found here. Insiders sold a total of 62,500 shares of company stock worth $12,945,435 over the last quarter. Insiders own 16.20% of the company's stock.

Hedge Funds Weigh In On Karuna Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Amundi grew its position in Karuna Therapeutics by 31.0% during the second quarter. Amundi now owns 1,603 shares of the company's stock valued at $211,000 after buying an additional 379 shares during the period. Verition Fund Management LLC bought a new position in Karuna Therapeutics during the second quarter valued at about $201,000. Legal & General Group Plc grew its position in Karuna Therapeutics by 8.9% during the second quarter. Legal & General Group Plc now owns 22,682 shares of the company's stock valued at $2,869,000 after buying an additional 1,854 shares during the period. ExodusPoint Capital Management LP bought a new position in Karuna Therapeutics during the second quarter worth about $932,000. Finally, Goldman Sachs Group Inc. boosted its position in Karuna Therapeutics by 23.0% during the second quarter. Goldman Sachs Group Inc. now owns 186,877 shares of the company's stock worth $23,642,000 after purchasing an additional 34,922 shares during the period.

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.

Read More

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