Karuna Therapeutics: Fundraising Makes For Buying Opportunity [Seeking Alpha]
Karuna Therapeutics, Inc. (KRTX)
Company Research
Source: Seeking Alpha
Karuna Therapeutics: Fundraising Makes For Buying Opportunity Summary Karuna Therapeutics IPO in July '19 raised $102.6m at list price of $16.00. Company focused on developing novel therapeutics to treat disabling neuropsychiatric conditions such as schizophrenia and Alzheimers. This month, lead drug candidate KarXT returned positive Phase 2 clinical trial results causing stock price to soar above $124. Karuna has just announced a stock offering at $96 per share to raise $250m, causing stock price to decline to $79. Nothing is certain when it comes to early stage drug development and field is crowded, but this could be the best price we'll see for Karuna stock for a while. Investment Thesis With the benefit of hindsight, the optimal time to have bought Karuna would have been any time between its IPO in June this year and before the results of its recent phase II clinical trials were announced. The company met its primary endpoint in trials of its flagship drug KarXT for treatment of a
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