Wedbush Reiterates Outperform Rating for Karuna Therapeutics (NASDAQ:KRTX)

Wedbush reiterated their outperform rating on shares of Karuna Therapeutics (NASDAQ:KRTX) in a research report released on Friday, Benzinga reports. They currently have a $253.00 price objective on the stock.

Several other equities research analysts also recently issued reports on KRTX. Bank of America cut their target price 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 objective on shares of Karuna Therapeutics in a research report on Thursday, September 28th. The Goldman Sachs Group decreased their target price on Karuna Therapeutics from $332.00 to $296.00 and set a buy rating on the stock in a report on Friday, November 3rd. Cantor Fitzgerald reaffirmed a neutral rating and set a $214.00 price target on shares of Karuna Therapeutics in a report on Tuesday, August 22nd. Finally, Wells Fargo & Company initiated coverage on shares of Karuna Therapeutics in a research report on Tuesday, August 22nd. They set an overweight rating and a $225.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $259.38.

Karuna Therapeutics Stock Performance

NASDAQ:KRTX opened at $180.13 on Friday. The stock has a 50-day simple moving average of $172.14 and a 200 day simple moving average of $195.40. Karuna Therapeutics has a 52-week low of $158.38 and a 52-week high of $245.00. The company has a market cap of $6.80 billion, a PE ratio of -16.48 and a beta of 1.14.

Insider Activity

In related news, Director Jeffrey M. Jonas sold 13,809 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $187.93, for a total value of $2,595,125.37. Following the completion of the sale, the director now directly owns 990 shares in the company, valued at $186,050.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Karuna Therapeutics news, Director Jeffrey M. Jonas sold 13,809 shares of the firm’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $187.93, for a total value of $2,595,125.37. Following the transaction, the director now directly owns 990 shares of the company’s stock, valued at $186,050.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen K. Brannan sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $177.85, for a total value of $889,250.00. Following the sale, the insider now directly owns 33,650 shares of the company’s stock, valued at $5,984,652.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,809 shares of company stock worth $5,270,775. Insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Capital International Investors grew its position in Karuna Therapeutics by 17.8% during the second quarter. Capital International Investors now owns 3,992,549 shares of the company’s stock valued at $865,784,000 after acquiring an additional 602,942 shares during the last quarter. Wellington Management Group LLP lifted its position in Karuna Therapeutics by 52.3% in the first quarter. Wellington Management Group LLP now owns 1,606,854 shares of the company’s stock valued at $291,869,000 after purchasing an additional 551,778 shares during the last quarter. FMR LLC boosted its stake in shares of Karuna Therapeutics by 8.8% during the first quarter. FMR LLC now owns 5,606,086 shares of the company’s stock valued at $1,018,289,000 after purchasing an additional 453,096 shares during the period. Vanguard Group Inc. grew its holdings in shares of Karuna Therapeutics by 20.7% in the third quarter. Vanguard Group Inc. now owns 2,621,585 shares of the company’s stock worth $589,672,000 after purchasing an additional 448,871 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Karuna Therapeutics in the fourth quarter worth $61,207,000.

Karuna Therapeutics Company Profile

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.