Karuna Therapeutics (NASDAQ:KRTX) Receives “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of Karuna Therapeutics (NASDAQ:KRTX) in a report released on Friday, RTT News reports. The firm currently has a $38.00 target price on the stock.

Several other research firms have also recently issued reports on KRTX. Wells Fargo & Co began coverage on Karuna Therapeutics in a research report on Tuesday, July 23rd. They issued an outperform rating and a $29.00 price objective for the company. Citigroup began coverage on Karuna Therapeutics in a research report on Tuesday, July 23rd. They issued a buy rating and a $28.00 price objective for the company. Finally, Goldman Sachs Group began coverage on Karuna Therapeutics in a research report on Tuesday, July 23rd. They issued a buy rating and a $34.00 price objective for the company.

NASDAQ:KRTX traded up $3.38 during trading hours on Friday, hitting $22.08. The company’s stock had a trading volume of 162,161 shares, compared to its average volume of 68,695. Karuna Therapeutics has a 52-week low of $16.95 and a 52-week high of $29.00.

In other news, CEO Steven M. Paul purchased 10,000 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was acquired at an average price of $23.04 per share, for a total transaction of $230,400.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Arch Venture Partners Ix, Llc purchased 200,000 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was purchased at an average price of $16.00 per share, with a total value of $3,200,000.00. The disclosure for this purchase can be found here. Insiders acquired 910,000 shares of company stock valued at $14,630,400 in the last quarter.

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. purchased a new position in shares of Karuna Therapeutics in the second quarter valued at $542,000. GSA Capital Partners LLP purchased a new position in shares of Karuna Therapeutics in the second quarter valued at $621,000. Finally, Monashee Investment Management LLC purchased a new position in shares of Karuna Therapeutics in the second quarter valued at $2,202,000.

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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