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Here's Why Reata Pharmaceuticals Skyrocketed Higher Today

TheMotleyFool

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Here's Why Reata Pharmaceuticals Skyrocketed Higher TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/0e9d087d-988e-4397-b7cf-6049e2776769.png

Shares of Reata Pharmaceuticals (NASDAQ: RETA) are up 59% at 12:26 p.m. EDT, after the company released positive data for the midstage Moxie study of its drug candidate, omaveloxolone, in patients with a neuromuscular disease called Friedreich's ataxia.

As biotech investors have seen time and time again, positive clinical trial data can lead to monstrous one-day gains, especially if that data comes in a disease like Friedreich's ataxia where multiple failures over the years have led to low expectations.

Image source: Getty Images.

Source Fool.com

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