Reata Pharmaceuticals (RETA) PT Raised to $51 at Citi on Potential Omav Approval

Citi analyst Yigal Nochomovitz raised the price target on Reata Pharmaceuticals (NASDAQ: RETA) to $51.00 (from $48.00) while maintaining a Buy rating, saying Omav approval is almost in the bag following news of no AdCom. The firm is raising PoS to 90%.

The analyst commented, "News from Reata that FDA will *not* be convening an AdCom for omav in FA is a very, very positive development, in our view. We are bumping our PoS to 90% (+5%), taking our TP to $51 (+$3). Recall during our expert call with ex-FDA clinical/medical reviewer Dr. Jonathan Jarow in August 2022, he indicated “if [FDA] cancels the AdCom, that means more likely than not they are going to approve [omav]” (replay here) and additionally, during our regulatory panel at the Citi BioPharma Conference last month, our ex-FDA expert Dr. Yaning Wang indicated he “would not be surprised if no [AdCom] will be held and FDA will directly approve [omav]”"

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