Karuna Therapeutics, Inc. (NASDAQ:KRTX) Shares Purchased by Bank of New York Mellon Corp

Posted by Defense World Staff on Aug 24th, 2023

Bank of New York Mellon Corp boosted its stake in Karuna Therapeutics, Inc. (NASDAQ:KRTX – Free Report) by 1.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 219,902 shares of the company’s stock after buying an additional 3,504 shares during the period. Bank of New York Mellon Corp owned 0.59% of Karuna Therapeutics worth $39,943,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in KRTX. Vanguard Group Inc. increased its position in Karuna Therapeutics by 20.7% in the third quarter. Vanguard Group Inc. now owns 2,621,585 shares of the company’s stock worth $589,672,000 after buying an additional 448,871 shares during the period. Norges Bank acquired a new stake in Karuna Therapeutics in the fourth quarter worth $61,207,000. General Atlantic L.P. increased its position in Karuna Therapeutics by 72.6% in the fourth quarter. General Atlantic L.P. now owns 716,158 shares of the company’s stock worth $140,725,000 after buying an additional 301,158 shares during the period. T. Rowe Price Investment Management Inc. increased its position in Karuna Therapeutics by 23.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,202,631 shares of the company’s stock worth $236,317,000 after buying an additional 229,374 shares during the period. Finally, State Street Corp increased its position in Karuna Therapeutics by 22.3% in the first quarter. State Street Corp now owns 1,026,507 shares of the company’s stock worth $130,151,000 after buying an additional 187,142 shares during the period.

Insider Activity at Karuna Therapeutics

In related news, Director Jeffrey M. Jonas sold 13,810 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $195.81, for a total value of $2,704,136.10. Following the completion of the transaction, the director now owns 990 shares in the company, valued at approximately $193,851.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Karuna Therapeutics news, Director Laurie J. Olson sold 1,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $215.65, for a total transaction of $215,650.00. Following the completion of the sale, the director now directly owns 990 shares in the company, valued at approximately $213,493.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey M. Jonas sold 13,810 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $195.81, for a total value of $2,704,136.10. Following the sale, the director now owns 990 shares of the company’s stock, valued at $193,851.90. The disclosure for this sale can be found here. 13.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on KRTX. 58.com reaffirmed a “maintains” rating on shares of Karuna Therapeutics in a research report on Monday, June 5th. Wells Fargo & Company began coverage on Karuna Therapeutics in a report on Tuesday. They set an “overweight” rating and a $225.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $300.00 price target on shares of Karuna Therapeutics in a report on Friday, August 4th. Cantor Fitzgerald reissued a “neutral” rating and set a $214.00 price target on shares of Karuna Therapeutics in a report on Tuesday. Finally, Royal Bank of Canada lowered their price target on Karuna Therapeutics from $249.00 to $235.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Karuna Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $263.50.

Get Our Latest Analysis on Karuna Therapeutics

Karuna Therapeutics Stock Down 0.9 %

Shares of KRTX stock opened at $173.08 on Thursday. The stock has a 50-day simple moving average of $203.82 and a 200 day simple moving average of $202.15. Karuna Therapeutics, Inc. has a fifty-two week low of $159.73 and a fifty-two week high of $274.82. The stock has a market capitalization of $6.52 billion, a P/E ratio of -17.05 and a beta of 1.03.

Karuna Therapeutics (NASDAQ:KRTX – Get Free Report) last announced its earnings results on Thursday, August 3rd. The company reported ($2.75) earnings per share for the quarter, beating the consensus estimate of ($2.76) by $0.01. Karuna Therapeutics had a negative return on equity of 27.13% and a negative net margin of 2,795.96%. The business had revenue of $0.10 million during the quarter, compared to analysts’ expectations of $0.42 million. During the same quarter last year, the business posted ($2.17) earnings per share. The company’s quarterly revenue was down 98.1% on a year-over-year basis. On average, sell-side analysts anticipate that Karuna Therapeutics, Inc. will post -11.04 earnings per share for the current year.

Karuna Therapeutics Profile

(Free Report)

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.