Karuna Therapeutics (NASDAQ:KRTX) had its target price hoisted by stock analysts at Wells Fargo & Co from $106.00 to $137.00 in a note issued to investors on Wednesday, BenzingaRatingsTable reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Co‘s target price would indicate a potential upside of 36.56% from the stock’s current price.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Karuna Therapeutics from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Tuesday, November 19th. Wedbush increased their price objective on Karuna Therapeutics from $38.00 to $134.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Goldman Sachs Group lifted their target price on Karuna Therapeutics from $35.00 to $109.00 and gave the company a “positive” rating in a research note on Monday, November 18th. JMP Securities began coverage on Karuna Therapeutics in a research note on Thursday, January 9th. They issued an “outperform” rating and a $122.00 target price on the stock. Finally, Stifel Nicolaus started coverage on Karuna Therapeutics in a report on Thursday, December 19th. They issued a “buy” rating and a $126.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $97.63.
Karuna Therapeutics stock traded up $0.57 during midday trading on Wednesday, hitting $100.32. 25,034 shares of the company’s stock were exchanged, compared to its average volume of 561,806. Karuna Therapeutics has a 12-month low of $11.24 and a 12-month high of $152.00. The firm’s 50 day simple moving average is $77.66 and its 200 day simple moving average is $38.37.
In other news, Director Heather Preston purchased 788 shares of the company’s stock in a transaction dated Thursday, January 9th. The shares were acquired at an average cost of $70.50 per share, for a total transaction of $55,554.00. Following the completion of the purchase, the director now directly owns 2,400 shares in the company, valued at approximately $169,200. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Healy purchased 156,250 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of $96.00 per share, with a total value of $15,000,000.00. The disclosure for this purchase can be found here. Insiders bought a total of 158,465 shares of company stock valued at $15,155,159 in the last 90 days.
Institutional investors and hedge funds have recently made changes to their positions in the business. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST acquired a new position in Karuna Therapeutics during the 3rd quarter worth approximately $20,579,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Karuna Therapeutics in the second quarter valued at approximately $9,077,000. Citadel Advisors LLC purchased a new stake in shares of Karuna Therapeutics in the second quarter valued at approximately $2,522,000. Vanguard Group Inc. acquired a new position in Karuna Therapeutics during the second quarter worth $1,294,000. Finally, State Street Corp acquired a new position in Karuna Therapeutics during the third quarter worth $985,000. 40.54% of the stock is currently owned by institutional investors.
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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