Reata Pharmaceuticals rises after double upgrade from SVB
- SVB upgrades Reata Pharmaceuticals (NASDAQ:RETA) to 'Outperform' from 'Market Perform', increases PT to $115 from $80
- Brokerage believes the company's manufacturing issues will be fixed in the near term, thus erasing the only roadblock to launch of Skyclarys, a drug to treat the rare degenerative neuromuscular disorder Friedreich’s ataxia.
- "...we believe it is a matter of when, not if, the drug makes it to market." - SVB
- SVB views FY 2023 estimates for Reata as reasonable and even beatable.
- Brokerage sees limited competition for Skyclarys and high-excitement from physicians.
- SVB believes Reata shares are poised to rise once the company solves its manufacturing issues and launches Skyclarys.
- Reata Pharmaceuticals +5%.