Why Shares of Reata Pharmaceuticals Rocketed More Than 150% in October
Shares of biopharma company Reata Pharmaceuticals (NASDAQ: RETA) climbed 156.7% in October, according to data from S&P Global Market Intelligence. Shares had been stagnant since January.
Reata's big month came in three stages. First, shares increased by a modest 13% after the company announced it was buying back the rights to develop, produce, and market a series of next-generation Nrf2 activators, including bardoxolone and omaveloxolone. Nrf2 is a protein that regulates antioxidant production and helps prevent cell damage. The rights had formerly been licensed to Reata's partner AbbVie.
A top drug class has been the gift that keeps on giving for Reata. Image source: Getty Images.
Source Fool.com
