Reata Pharma hits 1-year high as genetic disorder drug gets FDA nod

Reata Pharmaceuticals

01/03/2023 15:59

(Updates)
    ** Shares of drug developer Reata Pharmaceuticals Inc
 RETA.O  rise as much as 187% to $89.48, their highest since Dec
2021
    ** Stock among top pct gainers across U.S. exchanges with
volumes of 5.5 mln, which is 5 times its 50-day moving average
    ** Stock set to see its best day ever, if gains hold
    ** U.S. Food and Drug Administration on Tuesday approved
company's drug Skyclarys for the treatment of a rare genetic
disorder Friedreich's ataxia that causes progressive damage to
the nervous system
    ** The drug is RETA's first product to gain approval
    ** Jefferies analyst Maury Raycroft projects $400 mln in
U.S. sales for the drug by 2030
    ** Multiple brokerages raise their target price for the
stock
    
 BROKERAGE         NEW PT     PRIOR PT
 Stifel            $105       $75
 Citigroup         $120       $53
 SVB Securities    $75        $35
 Guggenheim        $130       $75
 Barclays          $90        $50
 Baird             $85        $40
 
    ** RETA has risen 154% in last 12 months
    

 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com))