Stock Alert: Reata Pharma Down 10%, Stops Drug Trials

Shares of Reata Pharmaceuticals Inc. (RETA) are down 10% on Tuesday morning after the company said it is halting trials of two drugs citing COVID-19 pandemic.

RETA is currently trading at $146.51, up $15.37 or 9.49%, on the Nasdaq.

Reata Pharmaceuticals has decided to halt the Phase 3 CATALYST study evaluating bardoxolone methyl in patients with connective tissue disease-associated pulmonary arterial hypertension (CTD-PAH). The company has also stopped RANGER, the open-label extension study in PAH and pausing enrollment in the Phase 3 FALCON trial in autosomal dominant polycystic kidney disease.

Meanwhile, the company does not anticipate any disruptions in the Phase 3 CARDINAL study in CKD or the MOXIe Part 2 trial evaluating omaveloxolone in patients with Friedreich's ataxia.

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