RETA stock has soared over 155% over the past month on multiple news from Reata Pharmaceuticals Inc (NASDAQ:RETA).
Many pharmaceutical stocks have enjoyed significant gains this year, but there are very few stocks that have made the sort of gains that were made by Reata Pharmaceuticals in the month of October. The stock climbed by as much as 157% during the past month and remains one of the hottest pharmaceutical stocks to watch at this point.
Here is a closer look at the surge experienced by RETA stock. The surge in the stock price was, however, not a steady one; rather, it came in three separate spurts.
During the first stage of the rally, the stock rose by a relatively subdued 13%. This particular rally came about after the company announced that it had bought back the rights to develop, manufacture, and market Nrf2 activators. That included products like bardoxolone and omaveloxolone, as well. Previously, the rights had belonged to the company’s partner AbbVie.
The rally really started on October 14, after Reata announced highly positive results from a middle-stage trial with regards to the product omaveloxolone. The news resulted in a 57% rise in RETA stock, which became one of the bigger pharma stock gainers in the month.
>> 4 Top Food Stocks Investors Will Want to Sink Their Teeth Into
Over the course of the following day, RETA stock continued to climb, and eventually, the company managed to record gains of 157%. While the rally in the stock has been impressive, it should be kept in mind that the ultimate aim of the company is to get Food and Drug Administration (FDA) approval for omaveloxolone.
An FDA approval for the product in question could lead once more to a significant rally for the company. Hence, investors should keep an eye on RETA stock and watch for the latest developments.
Featured image: DepositPhotos © kwanchaidp