U.S. Markets close in 5 hrs 36 mins

Karuna Therapeutics Opens Above IPO Price

Tanzeel Akhtar

Karuna Therapeutics, Inc. (NASDAQ: KRTX) made its public debut Friday morning, opening at $18.50 after being priced at $16 per share.

Karuna focuses on developing novel therapies to address disabling neuropsychiatric conditions characterized by significant unmet need.

The company's lead product candidate KarXT is in a midstage trial for the treatment of acute psychosis in patients with schizophrenia. It expects to release top-line data from the trial in late 2019.

Karuna is also planning to initiate clinical trials of KarXT to evaluate its therapeutic benefit in other central nervous system disorders, including psychosis in Alzheimer's disease as well as pain.

Goldman Sachs, Citigroup, Wells Fargo Securities and Wedbush are the underwriters for the offering.

The stock traded around $18.07 per share at time of publication.

Related Links:

Karuna Therapeutics IPO: What You Need To Know

5 Stocks To Watch For June 28, 2019

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.