Karuna Therapeutics' stock has seen a 13% pullback from June 2023 highs and 25% from 52-week highs, which William Blair sees as a buying opportunity. The company is expected to file an NDA for its antipsychotic drug, KarXT, in Q3 2023. Karuna has $1.5 billion in cash to fund operations through 2026 and is considered a potential acquisition target. The company's drug belongs to a Medicare Part D protected class, ensuring automatic coverage upon approval.