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Fly News Breaks for February 20, 2020
Feb 20, 2020 | 10:27 EDT
Stifel analyst Adam Walsh raised his price target for Reata Pharmaceuticals to $362 from $305, while keeping a Buy rating on the shares. The analyst notes that the company reported an uneventful Q4 with no updates on timing of NDA filings for BARD/OMAV in Alport/FA, enrollment in pivotal P3 ADPKD FALCON trial, launch timing for additional BARD pivotal trials, and launch timing for additional OMAV trials in new neurological indications. Near-term, Street seems "overly cautious" on upcoming pivotal BARD CATALYST results in CTD-PAH due mid-2020, Walsh adds. The analyst thinks the trial is well-powered and calculate limited upside/downside. That said, he believes Reata take-out speculation is likely to wax and wane throughout fiscal year 2020, supporting shares at current or higher levels.
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