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Here's Why Karuna Therapeutics Is Tumbling Today

TheMotleyFool

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Here's Why Karuna Therapeutics Is Tumbling TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/c28f6640-54ba-4d2b-afbe-b5fd3b0ee19e.png

Shares of Karuna Therapeutics (NASDAQ: KRTX) fell more than 20% today after the company announced the pricing of a stock offering. The pharma company will offer up to nearly 3 million shares at $96 apiece, which is expected to raise gross proceeds of up to $288 million and will increase the number of shares outstanding by about 13%.

Karuna Therapeutics is wisely taking advantage of a soaring share price. At the beginning of the week, the company reported solid results for its lead drug candidate, KarXT, in a phase 2 trial of acute psychosis in patients with schizophrenia. Shares gained as much as 750% by mid-week before receding to a weekly gain of "only" 400%.

As of 11:06 a.m. EST, the pharma stock had settled to a 17.9% loss.

Source Fool.com

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