Why Did Karuna Therapeutics Pop 26% in January?
Shares of Karuna Therapeutics (NASDAQ: KRTX) rose 26% in January, according to data provided by S&P Global Market Intelligence. However, at $92 a share as of this writing, the stock is still below its all-time high of $124 a share, set less than three months ago.
Karuna had a spectacular 2019. Though it did drop below its offering price at one point, the stock had a massive gain late last year, right after the company announced positive results from its phase 2 trial for its schizophrenia drug, KarXT. Investors saw the value of their shares multiply by seven times in a matter of days. The giant move made Karuna the top IPO stock for 2019.
There hasn't been any medical news that's been rocking the share price in 2020, but it's been a volatile ride all the same. The stock shot up on Jan. 10 to close at $72.17 and rose to $115.92 on Jan. 22. On Feb. 4, it closed at $93.02 per share. It looks like some early investors have been taking profits, and new investors are making buys as they discover the pharmaceutical stock.
Source Fool.com
