Reata Pharmaceuticals price target raised to $180 from $125 at Cantor Fitzgerald
Cantor Fitzgerald analyst Charles Duncan raised his price target for Reata Pharmaceuticals to $180 from $125 saying the company last night announced favorable top-line data for its registrational MOXIe trial in Friedreich's ataxia. Though this win "is clearly a surprise" given that no drugs are approved in Friedreich's ataxia, MOXIe's superior design, enriched enrollment criteria, and powering set it up with a non-zero probability for a positive outcome, Duncan tells investors in a research note. The analyst now sees omaveloxolone as a source of "significant" potential revenue following a new drug appliaction in late 2020 and possible launch in late 2021. He reiterates an Overweight rating on Reata Pharmaceuticals.