UPDATE: JPMorgan Starts Karuna Therapeutics Inc. (KRTX) at Overweight
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JPMorgan analyst Cory Kasimov initiates coverage on Karuna Therapeutics Inc. (NASDAQ: KRTX) with a Overweight rating and a price target of $162.00.
The analyst comments "We have an Overweight rating on KRTX shares. We believe that Karuna’s lead asset, KarXT, and its novel mechanism of action, have the potential to become an important treatment option in schizophrenia, and potentially other neuropsychiatric conditions. The product demonstrated compelling results in a randomized Phase 2 trial, and ongoing Phase 3 efficacy studies (in the EMERGENT program) closely mimic that design. With initial pivotal data anticipated around mid-2022, there are important potential catalysts on the intermediate-term horizon. Other follow-on indications of arguably even greater unmet medical need add optionality to the story. We note that the company is also well capitalized and backed by a strong management team."
Shares of Karuna Therapeutics Inc. closed at $118.85 yesterday.
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