Reata Pharma soars as genetic disorder drug gets FDA nod

Reata Pharmaceuticals

01/03/2023 10:12

** Shares of drug developer Reata Pharmaceuticals Inc
 RETA.O  more than double to $77 premarket; among top pct
gainers across U.S. exchanges
    ** Stock set to open at over a one-year high, if premarket
gains hold
    ** U.S. Food and Drug Administration on Tuesday approved
company's drug Skyclarys for the treatment of a rare genetic
disorder called Friedreich's ataxia 
    ** 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
    ** Friedreich's ataxia is a neuromuscular disorder that
causes progressive damage to the nervous system and can lead to
premature death
    ** Reata stock down 4.8% in the last 12 months, as of
Tuesday's close
    

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