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On May 10, 2023, Reata issued a press release announcing its financial results for the first quarter of 2023. Among other items, Reata announced its decision to discontinue studies for its kidney disease candidate bardoxolone, which the Company had previously advanced as one of its lead assets in partnership with Blackstone Life Sciences and Kyoma Kirin.
On this news, Reata’s stock price fell $14.99 per share or 14.23%, to close at $90.38 per share on May 10, 2023.