Karuna Therapeutics downgraded to Market Perform from Outperform at Leerink
The Fly

Karuna Therapeutics downgraded to Market Perform from Outperform at Leerink

Leerink downgraded Karuna Therapeutics (KRTX) to Market Perform from Outperform with a price target of $330, up from $270, as the firm expects the stock to trade based on deal dynamics and no longer on fundamentals after Bristol Myers (BMY) agreed to acquire Karuna for $330 per share. The firm doesn’t believe it’s likely that another player will come in at a higher price and we doesn’t expect FTC pushback, the analyst tells investors.

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