Karuna Therapeutics Inc. (KRTX) PT Raised to $165 at RBC Capital, Sees Underappreciated De-Risking
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RBC Capital analyst Brian Abrahams raised the price target on Karuna Therapeutics Inc. (NASDAQ: KRTX) to $165.00 (from $160.00) while maintaining a Outperform rating.
The analyst comments "Late last week, KRTX reported preliminary qualitative data from its ph.Ib study of lead drug KarXT in elderly healthy volunteers. We performed a deep dive into the results and came away increasingly confident that (1) safety/tolerability and (2) efficacy have now been appreciably de-risked to a larger degree than the early DRP development stage would imply, and (3) 3x/day dosing is not a major concern. With shares -6% since the announcement, we believe the Street is overlooking the growing viability of a potential future $1.5B annual KarXT revenue stream in elderly psychotic disorders. Increase price target to $165 (from $160) and remain buyers."
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