Reata Pharmaceuticals Inc (NASDAQ:RETA) is gaining today, currently trading $1.24 higher at $29.08 – a 4.45 percent boost. Before the market open, Jefferies announced that it was initiating coverage on the biotech’s stock. The Wall Street firm kicked things off with a Buy rating and a price target set at $44.00, indicating an upside of about 51 percent.
According to Jefferies analyst Maury Raycroft, the company’s clinical programs consistently bring efficacy and derisking – and the firm says that it would buy in now for the upside opportunity.
“With recent positive ph.II Alport data affirming bardoxolone’s (bard) benefit on eGFR, two ph.III programs (now Alport and CTD-PAH), and clin data for omaveloxolone (omav) in another rare disease, we believe RETA is positioned to pursue several valuable orphan indication mkts w/ potential for broader use,” the analyst told investors earlier today.
Last week, Citi announced that it was dropping its price target on Reata’s stock from $87.00 to $78.00 – while reiterating a Buy rating. Nonetheless, the firm sees the stock growing 168 percent.
The author of this article holds no position in any of the companies mentioned above.