Karuna Therapeutics (NASDAQ:KRTX) Shares Gap Down to $99.75

Karuna Therapeutics (NASDAQ:KRTX)’s share price gapped down before the market opened on Friday . The stock had previously closed at $102.80, but opened at $99.75. Karuna Therapeutics shares last traded at $99.86, with a volume of 18,872 shares changing hands.

A number of research analysts have issued reports on the stock. JMP Securities assumed coverage on shares of Karuna Therapeutics in a research report on Thursday, January 9th. They set an “outperform” rating and a $122.00 price objective on the stock. Wells Fargo & Co boosted their price objective on shares of Karuna Therapeutics from $106.00 to $137.00 and gave the company an “overweight” rating in a research report on Wednesday. Wedbush boosted their price objective on shares of Karuna Therapeutics from $38.00 to $134.00 and gave the company an “outperform” rating in a research report on Thursday, November 21st. Goldman Sachs Group boosted their price objective on shares of Karuna Therapeutics from $35.00 to $109.00 and gave the company a “positive” rating in a research report on Monday, November 18th. Finally, Zacks Investment Research downgraded shares of Karuna Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $97.63.

The stock’s 50-day simple moving average is $77.66 and its 200-day simple moving average is $38.37.

Karuna Therapeutics (NASDAQ:KRTX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.07. Analysts anticipate that Karuna Therapeutics will post -2.12 EPS for the current year.

In other Karuna Therapeutics news, Director Heather Preston bought 788 shares of the company’s stock in a transaction dated Thursday, January 9th. The shares were purchased at an average price of $70.50 per share, for a total transaction of $55,554.00. Following the acquisition, the director now owns 2,400 shares in the company, valued at approximately $169,200. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director James Healy bought 156,250 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were acquired at an average price of $96.00 per share, for a total transaction of $15,000,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 158,465 shares of company stock worth $15,155,159.

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. bought a new position in Karuna Therapeutics in the 2nd quarter worth about $1,294,000. Marshall Wace North America L.P. bought a new position in Karuna Therapeutics in the 2nd quarter worth about $1,008,000. Citadel Advisors LLC bought a new position in Karuna Therapeutics in the 2nd quarter worth about $2,522,000. Price T Rowe Associates Inc. MD bought a new position in Karuna Therapeutics in the 2nd quarter worth about $9,077,000. Finally, WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST bought a new position in Karuna Therapeutics in the 3rd quarter worth about $20,579,000. Hedge funds and other institutional investors own 40.54% of the company’s stock.

Karuna Therapeutics Company Profile (NASDAQ:KRTX)

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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