Raymond James & Associates Decreases Holdings in Karuna Therapeutics, Inc. (NASDAQ:KRTX)

Raymond James & Associates trimmed its holdings in Karuna Therapeutics, Inc. (NASDAQ:KRTX) by 17.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. SG Americas Securities LLC boosted its stake in Karuna Therapeutics by 598.2% during the third quarter. SG Americas Securities LLC now owns 6,745 shares of the company’s stock worth $1,141,000 after buying an additional 5,779 shares during the period. Exchange Traded Concepts LLC increased its stake in Karuna Therapeutics by 34.5% in the 3rd quarter. Exchange Traded Concepts LLC now owns 452 shares of the company’s stock valued at $76,000 after buying an additional 116 shares during the period. Handelsbanken Fonder AB increased its stake in Karuna Therapeutics by 11.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 5,700 shares of the company’s stock valued at $964,000 after buying an additional 600 shares during the period. KRS Capital Management LLC increased its stake in Karuna Therapeutics by 12.0% in the 3rd quarter. KRS Capital Management LLC now owns 1,914 shares of the company’s stock valued at $324,000 after buying an additional 205 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Karuna Therapeutics by 3.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 210,065 shares of the company’s stock worth $35,520,000 after purchasing an additional 7,464 shares in the last quarter.

Insider Transactions at Karuna Therapeutics

In other news, insider Stephen K. Brannan sold 5,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $318.34, for a total transaction of $1,591,700.00. Following the sale, the insider now owns 42,604 shares of the company’s stock, valued at $13,562,557.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 13.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

Karuna Therapeutics Stock Performance

NASDAQ:KRTX opened at $329.83 on Thursday. Karuna Therapeutics, Inc. has a 1-year low of $158.38 and a 1-year high of $329.99. The business’s 50-day moving average price is $325.22 and its two-hundred day moving average price is $269.92. The firm has a market capitalization of $12.58 billion, a price-to-earnings ratio of -28.14 and a beta of 1.18.

Karuna Therapeutics (NASDAQ:KRTX) last released its earnings results on Thursday, February 22nd. The company reported ($3.01) earnings per share 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 company’s revenue was down 100.0% compared to the same quarter last year. Sell-side analysts predict that Karuna Therapeutics, Inc. will post -11.96 earnings per share for the current year.

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.