Reata Pharma up as Guggenheim initiates coverage with 'buy' rating

Reata Pharmaceuticals

19/10/2022 17:36

** Shares of drug developer Reata Pharmaceuticals Inc
 RETA.O  rise 2.6% to $37.4 
    ** Guggenheim initiates coverage with 'buy' rating, and PT
of $75
    ** We believe RETA's experimental drug, omaveloxolone, to
treat patients with Friedreich's Ataxia has a high chance, about
80%, of FDA's approval - brokerage
    ** If the drug is approved, we estimate ~$1.4 bln in global
peak sales - Guggenheim
    ** Friedreich's Ataxia is a genetic condition that causes
progressive nervous system damage and movement problems
    ** Including session's gain, stock up ~41% YTD
 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))