Karuna Therapeutics Inc. (KRTX) PT Raised to $260 at Stifel
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Stifel analyst Paul Matteis raised the price target on Karuna Therapeutics Inc. (NASDAQ: KRTX) to $260.00 (from $185.00) while maintaining a Buy rating.
The analyst comments "We rate KRTX shares Buy. Karuna is a biotechnology company focused on the development of novel neuroscience drugs. Our thesis on the stock centers on our bullish view on lead asset KarXT, a novel muscarinic agonist/peripheral antagonist combo-product that recently succeeded in a ph3 trial in schizophrenia. KarXT follows a long history of scientific research regarding the muscarinic receptor system in psychosis and cognition, and represents a solution to previous side effect challenges that limited the therapeutic index of first generation molecules. Neuropsychiatry drug development is tough. We believe KarXT could become a multi-billion dollar schizophrenia product, based on KOL feedback suggesting that the drug, as a novel MOA, could be a go-to medicine in the currently large non-responder population. Finally, KarXT also has the potential to be a "pipeline-in-a-product", as Karuna plans on exploring the drug in dementia-related psychosis as well as pain. While riskier, with proof-of-concept data in the elderly, we view DRP as more de-risked while there remains additional potential for upside in pain if Karuna can demonstrate evidence of analgesic benefit in a proof-of-concept setting."
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