Stifel analyst Paul Matteis raised the firm’s price target on Karuna Therapeutics to $260 from $185 and keeps a Buy rating on the shares. The stock closed Monday up 72% to $241.19. The analyst spoke to three key opinion leaders and all were “highly positive: on the EMERGENT-2 efficacy data. They view safety as differentiated from atypical antipsychotics and projected a launch that “greatly exceeds what we model,” Matteis tells investors in a research note. One-third of physicians’ schizophrenia patients are likely to receive the drug within 12 months post-approval, says the analyst. He believes the EMERGENT-2 data appear to derisk KarXT as a multi-billion dollar drug.