With a 349% increase in stock price since its June debut on U.S. markets, Boston-based Karuna Therapeutics Inc. secures the title of best IPO performer so far in 2019. The stock skyrocketed in November following positive top-line phase II data of Karxt in acute psychosis in patients with schizophrenia, providing a potential read-through to larger indications such as Alzheimer’s disease and pain.
After a two-month 32% swoon in the value of the BioWorld Gene Therapy index, it has managed to recover 6% of that loss since the end of September. Contributing to the recovery was Menlo Park, Calif.-based Adverum Biotechnologies Inc., whose shares (NASDAQ:ADVM) jumped almost 80% in the period.
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