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Reata Pharmaceuticals price target raised to $314 from $250 at Cantor Fitzgerald. Cantor Fitzgerald analyst Charles Duncan raised his price target for Reata Pharmaceuticals to $314 from $250 and reiterates an Overweight rating on the shares. Monday's equity offering is sufficient to fund the commercial launches of both bardoxolone and omaveloxolone, Duncan tells investors in a research note. Based on the "favorable" topline data, the equity raise, and recent key opinion leader due diligence, the analyst sees the probability of success "in multiple forms" of chronic kidney disease as "clearly increased."

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.

Reata Pharmaceuticals price target raised to $245 from $162 at Baird. Baird analyst Brian Skorney raised his price target on Reata Pharmaceuticals to $245 from $162 following the positive Phase 3 readout of its CARDINAL study. The report showed a clear on-treatment washout effect of barboxolone that was clinically meaningful and statistically superior to the placebo on eGFR in patients with Alport Syndrome. Skorney reiterated his Outperform rating on Reata Pharmaceuticals shares.

Reata Pharmaceuticals price target raised to $328 from $241 at Citi. Citi analyst Yigal Nochomovitz raised his price target for Reata Pharmaceuticals to $328 from $241 saying last night's Phase 3 bardoxolone data "hits it out of the park." The stock in premarket trading is down 8%, or $16.67, to $197.00. This data will be "more than sufficient" for Reata to obtain accelerated approval, Nochomovitz tells investors in a research note. He keeps a Buy rating on Reata Pharmaceuticals.