Wells Fargo analyst Jacob Hughes noted that PureTech Health sold 2.1M shares of its holdings in Karuna Therapeutics but also noted that PureTech, a pre-IPO investor, still owns 5.295M shares, or a roughly 20% stake. While this could be a near term overhang, he would use the pullback in Karuna as an opportunity to build positions given his favorable view of the company's "significant opportunity" across several indications, including schizophrenia psychosis, pain and dementia related psychosis. Hughes has an Overweight rating on Karuna Therapeutics shares.