Zacks: Brokerages Anticipate Karuna Therapeutics (NASDAQ:KRTX) to Post -$0.51 Earnings Per Share

Brokerages predict that Karuna Therapeutics (NASDAQ:KRTX) will post earnings of ($0.51) per share for the current fiscal quarter, Zacks Investment Research reports. Zero analysts have issued estimates for Karuna Therapeutics’ earnings. The business is expected to issue its next quarterly earnings report on Thursday, November 14th.

According to Zacks, analysts expect that Karuna Therapeutics will report full-year earnings of ($2.48) per share for the current year. For the next fiscal year, analysts anticipate that the company will post earnings of ($3.01) per share. Zacks Investment Research’s EPS calculations are an average based on a survey of analysts that that provide coverage for Karuna Therapeutics.

Karuna Therapeutics (NASDAQ:KRTX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($146.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.19) by ($144.83).

Several research firms have issued reports on KRTX. Goldman Sachs Group began coverage on shares of Karuna Therapeutics in a report on Tuesday, July 23rd. They set a “buy” rating and a $34.00 price target for the company. Wells Fargo & Co began coverage on shares of Karuna Therapeutics in a report on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 price target for the company. Citigroup began coverage on shares of Karuna Therapeutics in a report on Tuesday, July 23rd. They set a “buy” rating and a $28.00 price target for the company. Finally, Wedbush restated an “outperform” rating and set a $38.00 price target on shares of Karuna Therapeutics in a report on Friday, August 9th.

Karuna Therapeutics stock traded up $0.30 during mid-day trading on Friday, hitting $16.61. 103,828 shares of the stock were exchanged, compared to its average volume of 96,851. Karuna Therapeutics has a 12 month low of $15.31 and a 12 month high of $29.00. The firm’s fifty day moving average price is $19.90.

In related news, CEO Steven M. Paul acquired 10,000 shares of the stock in a transaction dated Friday, June 28th. The stock was bought at an average price of $23.04 per share, for a total transaction of $230,400.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Healy purchased 700,000 shares of Karuna Therapeutics stock in a transaction that occurred on Tuesday, July 2nd. The stock was acquired at an average cost of $16.00 per share, with a total value of $11,200,000.00. The disclosure for this purchase can be found here. Insiders bought a total of 910,000 shares of company stock valued at $14,630,400 in the last quarter.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sofinnova Investments Inc. acquired a new stake in Karuna Therapeutics in the 2nd quarter valued at $34,622,000. Price T Rowe Associates Inc. MD purchased a new position in Karuna Therapeutics during the 2nd quarter worth $9,077,000. Rock Springs Capital Management LP purchased a new position in Karuna Therapeutics during the 2nd quarter worth $8,278,000. Vivo Capital LLC purchased a new position in Karuna Therapeutics during the 2nd quarter worth $6,507,000. Finally, Citadel Advisors LLC purchased a new position in Karuna Therapeutics during the 2nd quarter worth $2,522,000. 36.98% of the stock is owned by institutional investors and hedge funds.

Karuna Therapeutics Company Profile

Karuna Therapeutics, Inc, a clinical-stage biopharmaceutical company, primarily focuses on developing novel therapies to address disabling neuropsychiatric conditions characterized by significant unmet medical needs. The company's lead product candidate is KarXT, an oral modulator that is in Phase II clinical trial for the treatment of acute psychosis in patients with schizophrenia, as well as in Phase Ib clinical trial for the treatment of central nervous system disorders, such as cognitive and negative symptoms, Alzheimer's, and pain.

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