Karuna Therapeutics, little-known firm is yr's best US IPO with 420% surge

Karuna Therapeutics Inc. may not be the year’s best-known initial public offering, taking a back seat to names like Beyond Meat Inc. and Uber Technologies Inc. But for those on the hunt for generous returns, early bets on the mid-cap drugmaker paid off handsomely.

Thanks to some positive study results in November, Karuna is 2019’s best-performing US IPO. Early Karuna holders saw more than 420 per cent returns since the June IPO at $16 a share, and next week a handful of the biotech’s top holders will get a chance to reap the rewards when they get the first chance