Reata Pharmaceuticals price target raised to $121 from $61 at Cantor Fitzgerald

Cantor Fitzgerald analyst Charles Duncan raised the firm’s price target on Reata Pharmaceuticals to $121 from $61 and keeps an Overweight rating on the shares. The firm views the FDA approval of Skyclarys for the treatment of Friedreich’s ataxia as notably positive for the FA community, and feels the FDA clearly recognizes the unmet need in this rare neuromuscular disorder, the analyst tells investors in a research note. The firm says that the label is "notably clean" for broad use across the FA population and does not see any impediment to prescribing for on-label FA patients due to precautionary statements or titration.