Reata Pharmaceuticals (NASDAQ:RETA) Sees Large Volume Increase After Analyst Upgrade

Posted by Defense World Staff on Aug 1st, 2023

Reata Pharmaceuticals, Inc. (NASDAQ:RETA – Get Free Report) saw unusually-high trading volume on Monday after Robert W. Baird raised their price target on the stock from $85.00 to $173.00. Approximately 1,146,062 shares traded hands during mid-day trading, an increase of 0% from the previous session’s volume of 1,142,971 shares.The stock last traded at $165.54 and had previously closed at $167.19.

A number of other analysts have also recently weighed in on the company. LADENBURG THALM/SH SH cut Reata Pharmaceuticals from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $122.00 to $172.50 in a research report on Monday. TD Cowen began coverage on Reata Pharmaceuticals in a research report on Thursday, July 6th. They issued an “outperform” rating and a $140.00 price objective for the company. SVB Securities cut Reata Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Friday. SVB Leerink raised Reata Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research report on Monday, June 12th. Finally, Cantor Fitzgerald cut Reata Pharmaceuticals from an “overweight” rating to a “neutral” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $137.50.

Insider Activity

In other news, CAO Bhaskar Anand sold 2,343 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $102.11, for a total value of $239,243.73. Following the completion of the transaction, the chief accounting officer now owns 24,898 shares of the company’s stock, valued at approximately $2,542,334.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Bhaskar Anand sold 2,343 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $102.11, for a total value of $239,243.73. Following the completion of the transaction, the chief accounting officer now owns 24,898 shares of the company’s stock, valued at approximately $2,542,334.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Andrea Loewen sold 6,750 shares of the business’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $86.26, for a total value of $582,255.00. Following the completion of the transaction, the senior vice president now directly owns 32,007 shares of the company’s stock, valued at approximately $2,760,923.82. The disclosure for this sale can be found here. Insiders sold a total of 109,682 shares of company stock valued at $10,758,842 in the last quarter. 26.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Reata Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of RETA. Belpointe Asset Management LLC increased its stake in shares of Reata Pharmaceuticals by 238.0% in the 1st quarter. Belpointe Asset Management LLC now owns 311 shares of the company’s stock valued at $28,000 after purchasing an additional 219 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Reata Pharmaceuticals in the 1st quarter valued at about $35,000. China Universal Asset Management Co. Ltd. increased its stake in shares of Reata Pharmaceuticals by 34.7% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 435 shares of the company’s stock valued at $40,000 after purchasing an additional 112 shares in the last quarter. Strs Ohio purchased a new position in shares of Reata Pharmaceuticals in the 2nd quarter valued at about $50,000. Finally, Advisor Group Holdings Inc. increased its stake in shares of Reata Pharmaceuticals by 5,442.9% in the 4th quarter. Advisor Group Holdings Inc. now owns 1,552 shares of the company’s stock valued at $58,000 after purchasing an additional 1,524 shares in the last quarter. Hedge funds and other institutional investors own 73.98% of the company’s stock.

Reata Pharmaceuticals Trading Down 1.0 %

The company has a 50 day simple moving average of $100.57 and a 200 day simple moving average of $83.33.

Reata Pharmaceuticals (NASDAQ:RETA – Get Free Report) last posted its quarterly earnings data on Wednesday, May 10th. The company reported ($3.14) EPS for the quarter, missing the consensus estimate of ($2.34) by ($0.80). The business had revenue of $0.20 million during the quarter, compared to the consensus estimate of $0.73 million. As a group, equities analysts anticipate that Reata Pharmaceuticals, Inc. will post -10.93 earnings per share for the current year.

About Reata Pharmaceuticals

(Get Free Report)

Reata Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, identifies, develops, and commercializes novel therapeutics for patients with serious or life-threatening diseases. The company is developing Phase 3 clinical trial programs, including bardoxolone methyl (bardoxolone) for the treatment of patients with chronic kidney disease (CKD) caused by Alport syndrome, as well as for a form of pulmonary arterial hypertension associated with connective tissue disease; omaveloxolone to treat Friedreich's ataxia; and conduct various form of CKD, such as, type 1 and type 2 diabetic CKD, type 1 and type 2 diabetic CKD, hypertensive CKD, focal segmental glomerulosclerosis, and others.