MULN - Why Is Reata Pharmaceuticals (RETA) Stock Up 175% Today?
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Reata Pharmaceuticals (NASDAQ:RETA) stock is rocketing higher on Wednesday following approval from the FDA for one of its drugs.
The FDA approval covers the use of the company’s SKYCLARYS as a treatment for patients suffering from Friedreich’s ataxia. patients will note that this is the first time the FDA has approved a drug to treat this rare disease.
Friedreich’s ataxia is an incredibly rare inherited neurodegenerative disorder. It typically results in patients suffering from progressive loss of coordination, muscle weakness, and fatigue. This often leads to motor incapacitation and wheelchair reliance for patients in their teens and early 20s, and finally death.
Friedreich’s ataxia is rare enough that only about 5,000 patients in the U.S. are diagnosed with it. The company’s treatment has FDA approval for use in adults and adolescence as young as 16 years old.
Jen Farmer, CEO of Friedreich’s Ataxia Research Alliance, said the following about the news.
“Today’s approval of SKYCLARYS represents a significant milestone in our effort to advance research and achieve treatments for Friedreich’s ataxia.” The entire Friedreich’s ataxia community including patients, clinicians, scientists, pharmaceutical companies, government agencies, and others have worked collaboratively for decades to enable therapeutic development for this debilitating disease.”
RETA Stock Reactions
Despite the positive FDA news, shares of RETA stock aren’t seeing heavy trading today. Only about 500,000 shares have changed hands as of this writing. That’s still below its daily average trading volume of about 1 million shares. Even so, shares of RETA stock are up 174.7% in pre-market trading on Wednesday!
Investors looking for more of the latest stock market news are in luck!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! That includes the biggest pre-market stock movers this morning, as well as what has shares of Mullen Automotive (NASDAQ:MULN) stock moving, and more. You can find all that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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