Cantor Fitzgerald Sticks to Its Buy Rating for Reata Pharmaceuticals (RETA)

Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Reata Pharmaceuticals (RETAResearch Report) today and set a price target of $100. The company’s shares opened today at $84.02.

Duncan commented:

“. We reiterate our Overweight rating and $100 PT on RETA. Reata reported 1Q19 financial performance, including collaboration revs of $7.7M, total expenses of $36.3M and cash of $313.1M. We project current cash to be sufficient to fund operations through 2020, including the three ongoing pivotal trials of bardoxalone in Alport syndrome and CTD- PAH, and omaveloxolone in Friedreich’s ataxia (FA). We see 2019 as a potentially transformational year for the company, with two pivotal trial readouts in 2H19 (CARDINAL and MOXIe) and one in 1H20 (CATALYST), and increasing visibility on a broadening set of bard’ indications going forward to further drive shares.”

According to TipRanks.com, Duncan is a 4-star analyst with an average return of 6.8% and a 49.2% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.

Reata Pharmaceuticals has an analyst consensus of Moderate Buy, with a price target consensus of $100.

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Based on Reata Pharmaceuticals’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $25.58 million. In comparison, last year the company had a net profit of $4.08 million.

Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is negative on the stock.

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Reata Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company, which engages in identifying, developing, and commercializing pharmaceutical products. Its product candidates are bardoxolone methyl and omaveloxolone, which activate the transcription factor Nrf2 to restore mitochondrial function, reduce oxidative stress, and resolve inflammation.