Karuna Therapeutics (NASDAQ:KRTX) Stock Rating Upgraded by Zacks Investment Research

Karuna Therapeutics (NASDAQ:KRTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday, Zacks.com reports. The firm presently has a $119.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.07% from the company’s previous close.

According to Zacks, “Karuna Therapeutics Inc. is a clinical-stage biopharmaceutical company. It is primarily focused on developing novel therapies to address disabling neuropsychiatric conditions characterized by significant unmet medical needs. The company’s product candidate consists of KarXT, for the treatment of acute psychosis in patients with schizophrenia, which are in clinical stage. Karuna Therapeutics Inc. is based in Boston, Massachusetts. “

Several other research analysts also recently commented on the stock. BidaskClub upgraded shares of Karuna Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, December 17th. ValuEngine upgraded shares of Karuna Therapeutics from a “hold” rating to a “buy” rating in a report on Friday, November 20th. Oppenheimer assumed coverage on shares of Karuna Therapeutics in a report on Thursday, December 17th. They set a “buy” rating and a $135.00 price objective on the stock. Maxim Group assumed coverage on shares of Karuna Therapeutics in a report on Thursday, November 19th. They set a “buy” rating and a $150.00 price objective on the stock. Finally, William Blair restated a “buy” rating on shares of Karuna Therapeutics in a report on Tuesday, January 5th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $129.90.

KRTX stock opened at $107.14 on Friday. Karuna Therapeutics has a 1 year low of $52.62 and a 1 year high of $123.73. The company has a fifty day simple moving average of $100.54 and a 200 day simple moving average of $90.36. The firm has a market cap of $2.87 billion, a PE ratio of -53.30 and a beta of 2.17.

Karuna Therapeutics (NASDAQ:KRTX) last announced its earnings results on Thursday, November 5th. The company reported ($0.71) EPS for the quarter, topping the consensus estimate of ($0.82) by $0.11. Sell-side analysts anticipate that Karuna Therapeutics will post -2.56 earnings per share for the current fiscal year.

In related news, CFO Troy A. Ignelzi sold 564 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $108.15, for a total transaction of $60,996.60. Following the completion of the sale, the chief financial officer now directly owns 5,564 shares of the company’s stock, valued at $601,746.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Atul Pande sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $85.00, for a total transaction of $425,000.00. Following the sale, the director now directly owns 5,000 shares of the company’s stock, valued at $425,000. The disclosure for this sale can be found here. Insiders have sold 60,596 shares of company stock worth $6,007,204 over the last quarter. 18.10% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of KRTX. Russell Investments Group Ltd. bought a new stake in shares of Karuna Therapeutics during the second quarter worth approximately $159,000. Macquarie Group Ltd. bought a new stake in shares of Karuna Therapeutics during the second quarter worth approximately $51,000. Bank of New York Mellon Corp raised its stake in shares of Karuna Therapeutics by 29.8% during the second quarter. Bank of New York Mellon Corp now owns 71,805 shares of the company’s stock worth $8,003,000 after buying an additional 16,497 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Karuna Therapeutics by 113.6% during the second quarter. Goldman Sachs Group Inc. now owns 34,703 shares of the company’s stock worth $3,868,000 after buying an additional 18,459 shares during the last quarter. Finally, American International Group Inc. increased its stake in Karuna Therapeutics by 52.6% in the second quarter. American International Group Inc. now owns 9,484 shares of the company’s stock valued at $1,057,000 after purchasing an additional 3,270 shares in the last quarter. 70.15% 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 disorders and pain. Its lead product candidate is KarXT, an oral modulator that has completed Phase II clinical trial for the treatment of acute psychosis in patients with schizophrenia; and in Phase Ib clinical trial for the treatment of central nervous system disorders, such as negative and cognitive symptoms of schizophrenia and psychosis, Alzheimer's, and pain, as well as for the treatment of dementia-related psychosis.

Further Reading: CD Ladder

Get a free copy of the Zacks research report on Karuna Therapeutics (KRTX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Karuna Therapeutics (NASDAQ:KRTX)

Receive News & Ratings for Karuna Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Karuna Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.