Zacks: Brokerages Expect Karuna Therapeutics (NASDAQ:KRTX) Will Announce Earnings of -$0.45 Per Share

Wall Street brokerages forecast that Karuna Therapeutics (NASDAQ:KRTX) will announce earnings of ($0.45) per share for the current quarter, Zacks reports. Zero analysts have provided estimates for Karuna Therapeutics’ earnings. The lowest EPS estimate is ($0.57) and the highest is ($0.35). Karuna Therapeutics posted earnings per share of ($146.02) during the same quarter last year, which would suggest a positive year-over-year growth rate of 99.7%. The firm is scheduled to report its next quarterly earnings report on Thursday, August 13th.

According to Zacks, analysts expect that Karuna Therapeutics will report full-year earnings of ($1.97) per share for the current fiscal year, with EPS estimates ranging from ($2.44) to ($1.45). For the next year, analysts forecast that the company will report earnings of ($3.10) per share, with EPS estimates ranging from ($3.57) to ($2.30). Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that that provide coverage for Karuna Therapeutics.

Karuna Therapeutics (NASDAQ:KRTX) last issued its earnings results on Thursday, May 7th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.05.

A number of equities analysts have recently issued reports on KRTX shares. ValuEngine raised Karuna Therapeutics from a “hold” rating to a “buy” rating in a report on Tuesday, March 3rd. Guggenheim assumed coverage on Karuna Therapeutics in a report on Tuesday, March 31st. They issued a “buy” rating and a $120.00 target price on the stock. Stifel Nicolaus lifted their target price on Karuna Therapeutics from $126.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Wedbush lifted their price target on Karuna Therapeutics from $117.00 to $126.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. Finally, Zacks Investment Research lowered Karuna Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $109.58.

In other Karuna Therapeutics news, CEO Steven M. Paul sold 292,207 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $103.50, for a total value of $30,243,424.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Puretech Health Llc sold 555,500 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $81.03, for a total transaction of $45,012,165.00. Following the completion of the sale, the insider now owns 4,745,397 shares of the company’s stock, valued at approximately $384,519,518.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 989,996 shares of company stock valued at $87,815,106. 18.10% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sofinnova Investments Inc. boosted its position in shares of Karuna Therapeutics by 9.0% during the 4th quarter. Sofinnova Investments Inc. now owns 1,885,602 shares of the company’s stock worth $142,061,000 after purchasing an additional 156,250 shares during the period. BlackRock Inc. boosted its position in shares of Karuna Therapeutics by 51.6% during the 1st quarter. BlackRock Inc. now owns 940,576 shares of the company’s stock worth $67,722,000 after purchasing an additional 320,218 shares during the period. Eventide Asset Management LLC boosted its position in shares of Karuna Therapeutics by 319.4% during the 1st quarter. Eventide Asset Management LLC now owns 901,077 shares of the company’s stock worth $64,878,000 after purchasing an additional 686,234 shares during the period. Partner Fund Management L.P. boosted its position in shares of Karuna Therapeutics by 46.7% during the 4th quarter. Partner Fund Management L.P. now owns 602,551 shares of the company’s stock worth $45,396,000 after purchasing an additional 191,908 shares during the period. Finally, Farallon Capital Management LLC purchased a new position in Karuna Therapeutics in the 4th quarter valued at approximately $45,204,000. Institutional investors and hedge funds own 63.87% of the company’s stock.

KRTX stock opened at $106.26 on Wednesday. Karuna Therapeutics has a twelve month low of $11.24 and a twelve month high of $152.00. The company has a quick ratio of 145.80, a current ratio of 145.80 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average of $92.94 and a 200 day moving average of $84.77.

About Karuna Therapeutics

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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