Teacher Retirement System of Texas Cuts Stock Holdings in Karuna Therapeutics, Inc. (NASDAQ:KRTX)

Posted by Defense World Staff on Jun 7th, 2023

Teacher Retirement System of Texas reduced its stake in shares of Karuna Therapeutics, Inc. (NASDAQ:KRTX – Get Rating) by 8.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,024 shares of the company’s stock after selling 706 shares during the quarter. Teacher Retirement System of Texas’ holdings in Karuna Therapeutics were worth $1,577,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Karuna Therapeutics by 20.7% during the 3rd quarter. Vanguard Group Inc. now owns 2,621,585 shares of the company’s stock worth $589,672,000 after acquiring an additional 448,871 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in shares of Karuna Therapeutics by 146.2% in the third quarter. Lord Abbett & CO. LLC now owns 694,778 shares of the company’s stock worth $156,277,000 after buying an additional 412,548 shares during the period. Alliancebernstein L.P. raised its holdings in Karuna Therapeutics by 315.1% during the 3rd quarter. Alliancebernstein L.P. now owns 525,490 shares of the company’s stock valued at $118,198,000 after buying an additional 398,898 shares during the last quarter. BlackRock Inc. boosted its position in Karuna Therapeutics by 19.7% during the 3rd quarter. BlackRock Inc. now owns 2,257,694 shares of the company’s stock valued at $507,825,000 after buying an additional 371,050 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Karuna Therapeutics by 1,196.3% in the 3rd quarter. Renaissance Technologies LLC now owns 350,000 shares of the company’s stock worth $78,726,000 after acquiring an additional 323,000 shares during the last quarter.

Karuna Therapeutics Trading Up 0.9 %

Shares of NASDAQ:KRTX opened at $236.30 on Wednesday. The stock has a fifty day simple moving average of $206.23 and a two-hundred day simple moving average of $200.92. Karuna Therapeutics, Inc. has a 12-month low of $93.47 and a 12-month high of $278.25. The stock has a market capitalization of $8.85 billion, a price-to-earnings ratio of -24.69 and a beta of 1.15.

Karuna Therapeutics (NASDAQ:KRTX – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The company reported ($2.80) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.86) by $0.06. The company had revenue of $0.65 million for the quarter. Karuna Therapeutics had a negative net margin of 2,795.96% and a negative return on equity of 30.04%. During the same quarter in the previous year, the firm earned ($1.95) EPS. As a group, equities research analysts predict that Karuna Therapeutics, Inc. will post -11.67 EPS for the current year.

Insider Activity

In related news, CFO Troy A. Ignelzi sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $223.41, for a total value of $2,010,690.00. Following the completion of the transaction, the chief financial officer now directly owns 30,487 shares in the company, valued at approximately $6,811,100.67. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, COO Andrew Craig Miller sold 15,000 shares of the firm’s stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $200.13, for a total transaction of $3,001,950.00. Following the sale, the chief operating officer now owns 24,400 shares of the company’s stock, valued at approximately $4,883,172. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Troy A. Ignelzi sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $223.41, for a total transaction of $2,010,690.00. Following the transaction, the chief financial officer now directly owns 30,487 shares of the company’s stock, valued at $6,811,100.67. The disclosure for this sale can be found here. Insiders have sold a total of 65,000 shares of company stock worth $13,030,410 over the last 90 days. 16.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on KRTX shares. Wedbush reaffirmed an “outperform” rating on shares of Karuna Therapeutics in a research note on Tuesday, March 21st. Mizuho increased their price objective on Karuna Therapeutics from $270.00 to $274.00 in a report on Monday, May 8th. Wells Fargo & Company reduced their target price on Karuna Therapeutics from $262.00 to $257.00 and set an “overweight” rating on the stock in a research note on Thursday, March 2nd. JMP Securities reaffirmed a “market outperform” rating and issued a $323.00 price target on shares of Karuna Therapeutics in a research note on Tuesday, March 21st. Finally, HC Wainwright cut their price target on shares of Karuna Therapeutics from $320.00 to $300.00 and set a “buy” rating on the stock in a report on Tuesday, March 28th. 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.com, the company presently has an average rating of “Moderate Buy” and an average price target of $275.44.

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.