Reata Pharma (RETA): 123% PT Increase - Citi

Citi analyst, Yigal Nochomovitz, reiterated his Neutral rating on shares of Reata Pharmaceuticals (NASDAQ: RETA) and raised his price target to $87 after the company reported unexpected and highly impressive results from a Phase 2 trial (CARDINAL) testing Bardoxolone (Bard) in Alport Syndrome.

The analyst believes the data supports at least a 60% chance of Phase 3 working. Of the 30 patients, 8 have completed the 12 week study, with a mean change in eGFR from baseline of 12.7 mL/min/1.73m2. This results in ~4X higher than the minimum agreed upon value the trial needed to demonstrate a clinically meaningful result and advance to Phase 3 (3.0 mL/min/1.73m2). Interim data over weeks 1, 4, and 8 also show a clearly positive and consistent improvement in eGFR over time, in-line with previous trials BEAM and BEACON in diabetic CKD.

.The new PT of $87 is up from $39.

For an analyst ratings summary and ratings history on Reata Pharmaceuticals click here. For more ratings news on Reata Pharmaceuticals click here.

Shares of Reata Pharmaceuticals closed at $35.47 yesterday.

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