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Shares of Karuna Therapeutics Inc. KRTX rallied about 14% in premarket trading on Monday after the company said its experimental treatment for adults with schizophrenia met the primary endpoint in a Phase 3 clinical trial. Karuna said the therapy showed an “early and sustained statistically significant reduction of symptoms from Week 2” through the completion of the study, and it plans to submit a new drug application to the Food and Drug Administration by mid-2023. Karuna’s stock is down 2.5% so far this year, while the broader S&P 500 SPX is up 2.4%.
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