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SVB Likes This 'Novel Antipsychotic'-Focused Stock

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  • SVB Leerink initiated coverage on Karuna Therapeutics Inc (NASDAQ: KRTX) with an Outperform rating and a price target of $170.

  • SVB notes that Karuna already has one positive schizophrenia study (EMERGENT-1) with KarXT. Thus, it only needs one of the two ongoing pivotal studies (EMERGENT-2 or EMERGENT-3) to file for psychosis in schizophrenia successfully.

  • Related: JMP Views Positive Phase 3 Data Equivalent To 'Schizophrenia Blockbuster' For This Stock.

  • The analysts also say that a second potential indication for KarXT in treatment-resistant schizophrenia as an adjunctive treatment could also be a significant opportunity, given that only clozapine is approved.

  • Read Next: Mizuho Sees Compelling Risk/Reward For This Schizophrenia Stock Despite Recent Weakness.

  • The analysts assume non-risk-adjusted peak sales of KarXT of $1.2 billion for schizophrenia, $500 million for the additional treatment-resistant schizophrenia indication, $1.7 billion for the additional negative/cognitive symptoms of schizophrenia indication, and $2.3 billion for the additional Alzheimer's disease psychosis indication.

  • Price Action: KRTX shares are up 1.95% at $131.38 during the market session on the last check Thursday.

Latest Ratings for KRTX

Date

Firm

Action

From

To

Mar 2022

Jefferies

Maintains

Buy

Mar 2022

Mizuho

Maintains

Buy

Nov 2021

Mizuho

Maintains

Buy

View More Analyst Ratings for KRTX

View the Latest Analyst Ratings

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