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Karuna's stock jumps 42% after sharing promising Phase 3 data for its schizophrenia drug

·1 min read
Karuna's stock jumps 42% after sharing promising Phase 3 data for its schizophrenia drug

Shares of Karuna Therapeutics Inc. soared 42.6% in premarket trading on Monday after the company said its experimental treatment for schizophrenia met the primary endpoint in a Phase 3 clinical trial. Karuna told investors it expects to submit the therapy to the Food and Drug Administration in "mid-2023." RBC Capital Markets analyst Brian Abrahams expects the drug could generate $1.3 billion in annual sales, according to an investor note. The "profile continues to look very differentiated from e