Karuna Therapeutics, Inc. (NASDAQ:KRTX) Forecasted to Post FY2023 Earnings of ($9.59) Per Share

Karuna Therapeutics, Inc. (NASDAQ:KRTX – Get Rating) – Equities researchers at Cantor Fitzgerald issued their FY2023 EPS estimates for Karuna Therapeutics in a report issued on Wednesday, March 8th. Cantor Fitzgerald analyst C. Duncan expects that the company will post earnings of ($9.59) per share for the year. Cantor Fitzgerald currently has a “Neutral” rating and a $214.00 price objective on the stock. The consensus estimate for Karuna Therapeutics’ current full-year earnings is ($11.48) per share.

Karuna Therapeutics (NASDAQ:KRTX – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The company reported ($2.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.26) by $0.04. The company had revenue of $5.30 million for the quarter. During the same quarter in the prior year, the company earned ($0.94) EPS. Karuna Therapeutics’s revenue for the quarter was down 85.6% compared to the same quarter last year.

Several other brokerages have also recently issued reports on KRTX. HC Wainwright reiterated a “buy” rating and set a $320.00 price target on shares of Karuna Therapeutics in a research report on Wednesday, February 1st. UBS Group initiated coverage on shares of Karuna Therapeutics in a research report on Friday, January 27th. They set a “neutral” rating and a $209.00 price target on the stock. Piper Sandler initiated coverage on shares of Karuna Therapeutics in a research note on Thursday, January 5th. They set an “overweight” rating and a $285.00 price objective on the stock. Wells Fargo & Company dropped their price objective on shares of Karuna Therapeutics from $262.00 to $257.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. Finally, Mizuho dropped their price objective on shares of Karuna Therapeutics from $276.00 to $270.00 and set a “buy” rating on the stock in a research note on Friday, December 9th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $264.38.

Karuna Therapeutics Price Performance

Shares of NASDAQ KRTX opened at $179.07 on Monday. Karuna Therapeutics has a 1 year low of $92.26 and a 1 year high of $278.25. The company’s 50-day moving average is $194.62 and its 200 day moving average is $212.77. The stock has a market capitalization of $6.18 billion, a P/E ratio of -20.54 and a beta of 1.20.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC grew its holdings in Karuna Therapeutics by 158.3% during the fourth quarter. CWM LLC now owns 155 shares of the company’s stock valued at $30,000 after purchasing an additional 95 shares during the period. IFP Advisors Inc purchased a new stake in Karuna Therapeutics in the 3rd quarter worth approximately $35,000. Parallel Advisors LLC raised its stake in Karuna Therapeutics by 772.7% during the 4th quarter. Parallel Advisors LLC now owns 192 shares of the company’s stock worth $38,000 after acquiring an additional 170 shares during the period. Almanack Investment Partners LLC. purchased a new position in Karuna Therapeutics during the third quarter valued at approximately $51,000. Finally, China Universal Asset Management Co. Ltd. purchased a new position in Karuna Therapeutics during the third quarter valued at approximately $72,000.

Insider Transactions at Karuna Therapeutics

In related news, insider Stephen K. Brannan sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $189.51, for a total transaction of $947,550.00. Following the transaction, the insider now owns 23,650 shares in the company, valued at $4,481,911.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director James Healy sold 6,027 shares of the stock in a transaction that occurred on Friday, January 13th. The shares were sold at an average price of $199.90, for a total transaction of $1,204,797.30. Following the transaction, the director now owns 32,500 shares in the company, valued at $6,496,750. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Stephen K. Brannan sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $189.51, for a total transaction of $947,550.00. Following the transaction, the insider now owns 23,650 shares in the company, valued at approximately $4,481,911.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,227 shares of company stock worth $4,141,825. Corporate insiders own 16.20% of the company’s stock.

About Karuna Therapeutics

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Karuna Therapeutics, Inc operates as a clinical-stage biopharmaceutical company. engages in business of research and development of therapies utilizing muscarinic cholinergic receptors to treat psychosis and cognitive impairment in numerous central nervous system disorders. The company was founded by Andrew Miller, Eric Elenko, and Peter Jeffrey Conn in July 2009 and is headquartered in Boston, MA.