RETA - Reata Pharma off 13% after insider selling

2023-06-15 11:57:12 ET

Reata Pharmaceuticals ( NASDAQ: RETA ) shed ~13% in the morning hours Thursday after the company's chief financial officer and chief operating officer Manmeet Soni sold millions of dollars worth of its shares early this week.

According to a regulatory filing on Wednesday, Soni, who joined Reata ( RETA ) in August 2019 as CFO, sold ~82.8K company shares at $99.62 – $105.55 on June 12 and 13 across several transactions. The total value of the shares he traded adds up to $8.5M.

Soni joined Reta ( RETA ) from Alnylam Pharmaceuticals ( ALNY ), where he was Senior Vice President and CFO since 2017. He was named RETA's ( RETA ) president in February 2022.

His insider selling comes as Reata ( RETA ) waits for regulatory action on a supplemental application submitted for its Friedreich'sFriedreich's ataxia therapy Skyclarys ahead of a potential launch planned for August.

Skyclarys became the first drug approved for the rare movement disorder in March when the FDA cleared it for patients aged 16 and older.

More on Reta

• Reata adds 21% as PTC’s Friedreich's ataxia drug fails Phase 3 trial
• Reata sheds 18% after halting kidney disease programs
• Reata Pharmaceuticals: 'Buy' Following Skyclarys Delay And Bardoxolone Discontinuation

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