Reata gains on retained benefit in CKD trial, proposes follow-on

Reata Pharmaceuticals Inc. (NASDAQ:RETA) added $30.15 (65%) to $76.55 on Monday after reporting Phase II data showing that chronic kidney disease patients who received bardoxolone methyl retained their improvements in estimated glomerular filtration rate (eGFR) four weeks after discontinuing treatment. The move translates to a gain of more than $790 million in market cap.

Reata also proposed late Monday to sell 3 million shares in a follow-on underwritten by Jefferies, Leerink, Stifel, Nicolaus, Cantor Fitzgerald and Ladenburg Thalmann...