Karuna Therapeutics initiated with an Overweight at Piper Sandler

Piper Sandler analyst David Amsellem initiated coverage of Karuna Therapeutics with an Overweight rating and $285 price target. The analyst believes Karuna’s KarXT is poised to emerge as "valued and versatile" option in a schizophrenia space that has been "starved for mechanistically unique options." Peak U.S. sales approaching $3B are realistic, Amsellem tells investors in a research note.