Karuna Therapeutics (NASDAQ:KRTX) Rating Lowered to Hold at Zacks Investment Research

Karuna Therapeutics (NASDAQ:KRTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

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 equities analysts also recently commented on the company. Goldman Sachs Group started coverage on Karuna Therapeutics in a research report on Tuesday, July 23rd. They set a “buy” rating and a $34.00 target price for the company. Wedbush restated an “outperform” rating and set a $38.00 target price on shares of Karuna Therapeutics in a research report on Friday, August 9th. Citigroup started coverage on Karuna Therapeutics in a research report on Tuesday, July 23rd. They set a “buy” rating and a $28.00 target price for the company. Finally, Wells Fargo & Co started coverage on Karuna Therapeutics in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 target price for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Karuna Therapeutics currently has an average rating of “Buy” and an average price target of $29.60.

Shares of KRTX stock opened at $12.34 on Thursday. The stock has a 50 day moving average price of $17.18. Karuna Therapeutics has a 12 month low of $12.17 and a 12 month high of $29.00.

Karuna Therapeutics (NASDAQ:KRTX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($146.02) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.19) by ($144.83). On average, sell-side analysts expect that Karuna Therapeutics will post -2.48 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD bought a new position in Karuna Therapeutics in the 2nd quarter valued at $9,077,000. Citadel Advisors LLC acquired a new stake in shares of Karuna Therapeutics in the 2nd quarter valued at $2,522,000. Pentwater Capital Management LP acquired a new stake in shares of Karuna Therapeutics in the 2nd quarter valued at $1,401,000. Marshall Wace North America L.P. acquired a new stake in shares of Karuna Therapeutics in the 2nd quarter valued at $1,008,000. Finally, Vanguard Group Inc. acquired a new stake in shares of Karuna Therapeutics in the 2nd quarter valued at $1,294,000. Hedge funds and other institutional investors own 36.98% of the company’s stock.

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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