Reata Pharmaceuticals (RETA): Reiterating Rating And PT As CATALYST Trial Gets Off The Ground - Piper Jaffray
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Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on shares of Reata Pharmaceuticals (NASDAQ: RETA) after the company announced it dosed the first CTD-PAH patient in its Phase III CATALYST trial of lead candidate bardoxolone.
The analyst is encouraged to see CATALYST get off the ground and his research suggests that there is high investigator/patient interest in the program and that this is a conservatively powered,capital-efficient, trial which should accelerate to deliver pivotal results by early ’18.
Reata also announced expanded results from a larger group of CTD-PAH patients (now n=22, up from single digits) treated in the Phase II LARIAT trial. The analyst views this update as addressing key investor questions on replicability of results with Bard, as well as risk-reducing for CATALYST in terms of having well-informed the powering, dosing and patient selection, for the study.
No change to the price target of $33.
Shares of Reata Pharmaceuticals closed at $28.01 yesterday.
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