Karuna Therapeutics, Inc. (KRTX) shares are declining on Monday morning trade, despite its Phase 3 EMERGENT-3 trial met its primary endpoint for its lead investigational therapy KarXT in adults with schizophrenia. Karuna is planning to submit an NDA to the FDA in mid-2023. The shares have been on a bearish trend since March 17.
As Karuna's partner Zai Lab Ltd. (ZLAB) announced the positive trial results today, Karuna shares gained in the pre-market, however, dipped after a short while.
The trial evaluated the efficacy, safety, and tolerability of KarXT demonstrating a statistically significant and clinically meaningful 8.4-point reduction in Positive and Negative Syndrome Scale total score compared to the placebo at Week 5.
Currently, shares are at 30.87, down 8.79 percent from the previous close of $33.85 on a volume 133,346.
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