Reata Pharmaceuticals initiated with an Outperform at TD Cowen

TD Cowen analyst Tyler Van Buren initiated coverage of Reata Pharmaceuticals with an Outperform rating and $140 price target. As the first and only approved Friedreich’s Ataxia therapy on the market for the “foreseeable future,” the firm believes Skyclarys will sees a “robust launch with strong initial uptake that is well maintained over time.” The analyst says Skyclarys will be “one of the better launches over the next year.” In addition, Reata’s pipeline could also offer “substantial upside” with cemdomespib and RTA 415/417, the analyst tells investors in a research note.