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Karuna Therapeutics (KRTX) topped expectations Monday in a study of its schizophrenia treatment, and the biotech stock soared to a record high.On the stock market today, biotech stock Karuna catapulted 71.8% to 241.19. The company tested its drug in patients with schizophrenia for five weeks. At the end of the test, patients who received the drug showed a 9.6-point reduction on a scale of symptoms compared to the placebo recipients. The scale measures 30 items related to psychopathic behavior.

First and only topical PDE4 inhibitor approved for the treatment of plaque psoriasis, including intertriginous psoriasis Approved for once-daily treatment in mild, moderate, and severe plaque psoriasis with no limitations on duration of use Established efficacy – provides rapid clearance of plaques and reduction of itch in all affected areas of the body Safe and very well-tolerated, steroid-free cream with minimal application site reactions Commercial product expected to be available by mid-August Management will host conference call on Monday, August 1 at 8:30 a.m. EDT

Sanofi has out-licensed its KY1066 antibody to New Haven, CT-based Rallybio who has redubbed it RLYB331. The deal saw Rallybio make an upfront cash payment of $3 million to Sanofi in addition to promising development and commercial milestones and mid to high single-digit royalties on net sales.