- Reata Pharmaceuticals is up 183% in Wednesday afternoon terading after the US FDA on Tuesday approved the company's Friedreich's ataxia drug Skyclarys (omaveloxolone).
- The treatment comes with an annual list price of $330K.
- Skyclarys is the first drug approved for the rare movement disorder.
- Stifel's Annabel Samimy said the Skyclarys could acheive peak sales that top $1B per year. She upped her price target on Reata ( NASDAQ: RETA ) to $105 from $75 (~237% upside based on Wednesday's close).
- The furthest along Friedrich's ataxia drug in development is PTC Therapeutics' ( PTCT ) vatiquinone (PTC-743), which is in phase 3. The stock is up 3% so far Wednesday.
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Reata surges 183% on Friedreich's ataxia drug approval; Skyclarys peak sales could top $1B