Target Reported an Earnings Beat and Reata Pharmaceuticals Received Good News from the FDA
Target is one of the major retailers in the United States, competing with companies like Walmart and even Amazon. They have a market cap of $108.973 billion, and they offer a healthy dividend yield of 1.32%.
On Wednesday morning, Target reported some strong earnings. They announced a profit of $3.69 per share, crushing estimates, and their revenue number was $24.2 billion, which slightly beat expectations. Target said in their earnings call that increased vaccinations and state reopening’s have fueled their quarter, which has been the case for many retailers this week.
Even with the market selling off on Wednesday, Target went up 6.09% to $219.01.
Reata Pharmaceuticals is a biotech company based in Plano, Texas. Unlike many biotechs, Reata is not a micro or small cap company with a market capitalization of $3.723 billion, and they aren’t as volatile.
On Wednesday, Reata received some positive news from the FDA for their drug, omaveloxolone. The drug is meant to treat a genetic disease that often leaves people with impaired speech and trouble walking, which is a major problem. The FDA announced a meeting with the company to consider sending the drug through the approval process, encouraging many investors. The disease Reata is targeting has no cure now, which provides a great opportunity for the company if they can get approval.
Reata stock reacted very positively, with the stock rising 23.78% to $102.63.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.