Reata Pharma up on PT hike, improved approval probability for genetic disorder drug

Reata Pharmaceuticals

20/05/2021 14:16

** Drug developer's shares  RETA.O  rise 1% to $103.8
premarket after Citigroup hikes PT on stock to $244 from $234
    ** RETA said on Wednesday it would file for a pre-marketing
application meeting with the FDA and withdraw a request for a
Type-C meeting to discuss its treatment omaveloxolone for
Friedreich's ataxia  urn:newsml:reuters.com:*:nL3N2N62SO
    ** Citi says FDA's request is unexpected but calls it a
"very positive" development; now models a 75% probability of FDA
approval of omaveloxolone
    ** A second pivotal trial if required by the FDA would most
likely come in the form of a post-marketing commitment,
brokerage added after having spoken to co
    ** Current avg rating on the stock is a "strong buy"; median
PT is $234- Refinitiv IBES
    ** Citi's PT represents a premium of 137.7% to stock's last
close
    ** RETA down ~17% YTD

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))