Why Is Reata Pharmaceuticals Stock Trading Higher Today?

Reata Pharmaceuticals RETA shares are trading higher on Wednesday after the company announced the FDA approved SKYCLARYS for the treatment of Friedreich's ataxia.

Friedreich's ataxia is an ultra-rare, progressive, neuromuscular disease that affects approximately 5,000 diagnosed patients in the united states.

"The approval of SKYCLARYS represents an important step forward in the treatment of Friedreich's ataxia, providing physicians with the first disease-specific treatment option approved for patients living with this ultra-rare and progressive disease," said Susan Perlman, MD, Clinical Professor, Department of Neurology, David Geffen School of Medicine, UCLA.

Reata in a press release said, "We are completing the commercial drug product manufacturing and anticipate commercial drug supply of SKYCLARYS to be available in the second quarter of 2023."

Reata is a biopharmaceutical company focused on developing and commercializing novel therapies for patients with severe diseases

RETA Price Action: Reata has a 52-week high of $51.98 and a 52-week low of $18.47.

Reata shares are up 172.7% at $85.24 at the time of publication, according to Benzinga Pro.