Reata Pharmaceuticals price target raised to $305 from $210 at Stifel
Stifel analyst Adam Walsh raised his price target for Reata Pharmaceuticals to $305 from $210 and reiterates a Buy rating on the shares following the following positive Bardoxolone results in the pivotal Phase 3 Cardinal study in Alport syndrome. Both the primary and key secondary endpoints required for approval were achieved with statistical significance, and Bardoxolone is the first therapy to halt the progression of Alport chronic kidney disease, Walsh tells investors in a research note. The analyst raised his probability of success for the drug in Alport to 90% and believes these data read through favorably to other chronic kidney disease indications. He reiterates a Buy rating on Reata Pharmaceuticals.