Shares of Karuna Therapeutics (NASDAQ: KRTX) were down in morning trading on Monday even after the clinical-stage biopharmaceutical company announced positive topline results from its Phase 3 EMERGENT-3 trial evaluating its lead investigational therapy, KarXT (xanomeline-trospium) in adults with schizophrenia.
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The Phase 3 trial met its primary endpoint with “KarXT demonstrating a statistically significant and clinically meaningful 8.4-point reduction in Positive and Negative Syndrome Scale (PANSS) total score compared to placebo at Week 5.”
Bill Meury, President and CEO of Karuna Therapeutics commented, “We look forward to working closely with the FDA as we focus our attention on the regulatory process, including our upcoming pre-NDA [New Drug Application] meeting in early second quarter, and remain on track for an NDA submission in mid-2023.”
Wall Street analysts remain bullish about KRTX stock with a Strong Buy consensus rating based on 10 Buys and two Holds.
