Farallon Capital Management LLC Decreases Position in Karuna Therapeutics, Inc. (NASDAQ:KRTX)

Farallon Capital Management LLC cut its stake in shares of Karuna Therapeutics, Inc. (NASDAQ:KRTXGet Rating) by 36.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 350,000 shares of the company’s stock after selling 200,000 shares during the period. Farallon Capital Management LLC owned 1.17% of Karuna Therapeutics worth $44,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. ARCH Venture Management LLC purchased a new stake in Karuna Therapeutics during the fourth quarter valued at approximately $381,586,000. Vanguard Group Inc. grew its stake in shares of Karuna Therapeutics by 1.8% during the first quarter. Vanguard Group Inc. now owns 2,121,152 shares of the company’s stock valued at $268,940,000 after buying an additional 36,816 shares during the last quarter. State Street Corp grew its stake in shares of Karuna Therapeutics by 22.3% during the first quarter. State Street Corp now owns 1,026,507 shares of the company’s stock valued at $130,151,000 after buying an additional 187,142 shares during the last quarter. Viking Global Investors LP grew its stake in shares of Karuna Therapeutics by 12.8% during the first quarter. Viking Global Investors LP now owns 974,345 shares of the company’s stock valued at $123,537,000 after buying an additional 110,681 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Karuna Therapeutics by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 387,878 shares of the company’s stock valued at $50,812,000 after buying an additional 19,523 shares during the last quarter.

Analyst Ratings Changes

A number of research firms have recently commented on KRTX. Mizuho upped their target price on Karuna Therapeutics from $190.00 to $276.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. Guggenheim increased their price objective on Karuna Therapeutics from $200.00 to $330.00 and gave the stock a “buy” rating in a research note on Friday, August 12th. Bank of America increased their price objective on Karuna Therapeutics from $160.00 to $261.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. HC Wainwright increased their price objective on Karuna Therapeutics from $160.00 to $320.00 and gave the stock a “buy” rating in a research note on Monday, August 15th. Finally, Royal Bank of Canada increased their price objective on Karuna Therapeutics from $160.00 to $292.00 and gave the stock an “outperform” rating in a research note on Friday, August 12th. Fifteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Karuna Therapeutics presently has an average rating of “Buy” and a consensus price target of $239.50.

Karuna Therapeutics Trading Up 2.8 %

Shares of KRTX opened at $255.88 on Tuesday. Karuna Therapeutics, Inc. has a 12 month low of $92.26 and a 12 month high of $278.25. The stock has a fifty day moving average price of $196.64 and a 200-day moving average price of $143.32. The firm has a market cap of $7.66 billion, a PE ratio of -37.74 and a beta of 1.21.

Karuna Therapeutics (NASDAQ:KRTXGet Rating) last issued its quarterly earnings data on Monday, August 8th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($2.10) by ($0.07). As a group, research analysts forecast that Karuna Therapeutics, Inc. will post -8.08 EPS for the current year.

Insider Activity

In other news, Director Laurie J. Olson sold 1,000 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $267.59, for a total transaction of $267,590.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Laurie J. Olson sold 1,000 shares of the firm’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $267.59, for a total value of $267,590.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Healy bought 47,777 shares of Karuna Therapeutics stock in a transaction that occurred on Wednesday, June 29th. The stock was purchased at an average price of $123.04 per share, with a total value of $5,878,482.08. Following the purchase, the director now directly owns 2,000,218 shares in the company, valued at $246,106,822.72. The disclosure for this purchase can be found here. In the last quarter, insiders sold 62,500 shares of company stock worth $12,945,435. Insiders own 16.20% of the company’s stock.

About Karuna Therapeutics

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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 is 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 dementia-related psychosis.

See Also

Institutional Ownership by Quarter for Karuna Therapeutics (NASDAQ:KRTX)

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