Anavex Life Sciences Corp (AVXL)

[Hosai]

Karuna initiated their phase 2 study in Sept 2018 whereas Anavex in March 2024 so i'm not that surprised in Karuna beating them to market.
When Karuna released phase 2 results in Nov 2019 their market cap went from $400 million to around $2 billion ($2.45 billion adjusted for inflation today). Their phase 2 was a lot larger than Anavex looks to be but shows the value the market can put on such a drug if they are confident in it.
By the time phase 3 results were about to be released in July 2022 karuna market cap had grown to $4.15 billion. Then on results in August 2022 went to $8.43 billion. Then finally was bought out for $14 billion in Dec 2023.