Reata Pharmaceuticals price target raised to $115 from $105 at Stifel

Stifel analyst Annabel Samimy raised the firm’s price target on Reata Pharmaceuticals to $115 from $105 and keeps a Buy rating on the shares. The company’s Japanese partner, Kyowa Kirin, has completed the long-term AYAME study in diabetic kidney disease and a top-line readout is due in Q2, notes the analyst, who adds that this is a "critical catalyst that either puts bardoxolone back on the radar or eliminates it completely." Success in this trial of bardoxolone "could bring meaningful value back" into Reata shares, but the firm argues that a negative outcome "should have minimal impact" as a failure would "close the chapter on Bard, clearing the story for Skyclarys and pipeline."