Shares of Reata Pharmaceuticals Inc. RETA soared about 175% in premarket trading on Wednesday, the day after the Food and Drug Administration approved Skyclarys, a treatment for Friedreich’s ataxia, a rare disease that affects an estimated 6,000 people in the U.S. Reata’s stock is down 17.9% so far this year, while the broader S&P 500 SPX has gained 3.7%.
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