Karuna Therapeutics (NASDAQ:KRTX) Trading 5.7% Higher

Shares of Karuna Therapeutics, Inc. (NASDAQ:KRTX) traded up 5.7% on Friday . The stock traded as high as $177.98 and last traded at $177.98. 46,336 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 331,714 shares. The stock had previously closed at $168.33.

Analyst Ratings Changes

Several analysts have weighed in on the company. The Goldman Sachs Group lowered their price objective on Karuna Therapeutics from $332.00 to $296.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. HC Wainwright reissued a “buy” rating and set a $300.00 target price on shares of Karuna Therapeutics in a research note on Thursday, September 28th. Bank of America reduced their target price on Karuna Therapeutics from $304.00 to $259.00 and set a “buy” rating on the stock in a research note on Friday, September 8th. Royal Bank of Canada reduced their target price on Karuna Therapeutics from $235.00 to $225.00 and set an “outperform” rating on the stock in a research note on Friday, November 3rd. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $214.00 target price on shares of Karuna Therapeutics in a research note on Tuesday, August 22nd. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Karuna Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $259.38.

Karuna Therapeutics Stock Up 6.8 %

The company has a fifty day simple moving average of $172.23 and a 200 day simple moving average of $195.69. The firm has a market capitalization of $6.78 billion, a P/E ratio of -16.44 and a beta of 1.14.

Insiders Place Their Bets

In other Karuna Therapeutics news, insider Stephen K. Brannan sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $177.85, for a total value of $889,250.00. Following the sale, the insider now directly owns 33,650 shares of the company’s stock, valued at $5,984,652.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Karuna Therapeutics news, CFO Troy A. Ignelzi sold 1,500 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $175.12, for a total value of $262,680.00. Following the sale, the chief financial officer now directly owns 30,487 shares of the company’s stock, valued at $5,338,883.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stephen K. Brannan sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $177.85, for a total value of $889,250.00. Following the transaction, the insider now directly owns 33,650 shares in the company, valued at $5,984,652.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,309 shares of company stock valued at $5,533,455. 13.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. First Horizon Advisors Inc. lifted its holdings in shares of Karuna Therapeutics by 57.3% during the first quarter. First Horizon Advisors Inc. now owns 151 shares of the company’s stock valued at $27,000 after purchasing an additional 55 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Karuna Therapeutics by 87.7% during the second quarter. PNC Financial Services Group Inc. now owns 152 shares of the company’s stock valued at $33,000 after purchasing an additional 71 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new position in shares of Karuna Therapeutics during the second quarter valued at $354,000. Lazard Asset Management LLC bought a new position in shares of Karuna Therapeutics during the second quarter valued at $48,000. Finally, Almanack Investment Partners LLC. bought a new position in shares of Karuna Therapeutics during the third quarter valued at $51,000.

Karuna Therapeutics Company Profile

Karuna Therapeutics, Inc, a clinical-stage biopharmaceutical company, creates and delivers transformative medicines for people living with psychiatric and neurological conditions. Its lead product candidate includes KarXT, an oral modulator of muscarinic receptors that is in Phase III clinical trial for the treatment of acute psychosis in patients with schizophrenia; and for the treatment of central nervous system disorders, such as negative and cognitive symptoms of schizophrenia and psychosis, as well as for the treatment of various peripheral tissues and dementia-related psychosis, including Alzheimer's disease.