Why Karuna Therapeutics Shares Sank Today
Shares of Karuna Therapeutics (NASDAQ: KRTX) were sinking 13.3% as of 3:22 p.m. on Thursday after falling as much as 21.1% earlier in the day. The drop came after Karuna's largest shareholder, PureTech Health, submitted a regulatory filing to the Securities and Exchange Commission (SEC) which revealed that PureTech had sold 2.1 million shares of Karuna on Wednesday.
It's not shocking that PureTech Health would take some profits considering that Karuna Therapeutics stock has skyrocketed close to 400% since its initial public offering (IPO) last summer. Even with yesterday's sale, though, PureTech still owns more than 20% of Karuna.
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Source Fool.com
