Wells Fargo initiated coverage of Karuna Therapeutics with an Overweight rating and $225 price target. Lead asset KarXT is not just a first-mover, but sets the bar high for competition in schizophrenia, the analyst tells investors in a research note. The firm values the schizophrenia opportunity at $165/share and sees this class becoming $5B by 2032 and Karuna taking 55% share.
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