Why Reata Pharmaceuticals (RETA) Shares Are Falling Today

According to various reports, the FDA's neuroscience expert Billy Dunn is leaving the agency after more than 15 years, effective immediately.
Dunn presided over the controversial approval of Biogen Inc's BIIB Alzheimer's disease treatment, Aduhelm (aducanumab).
Dunn, 53, is retiring from the agency to "explore other opportunities," according to an internal FDA email. Dunn notified agency officials Friday, according to a person with knowledge of the situation.
Reata Pharmaceuticals Inc RETA shares are falling in reaction to the news as its marketing application seeking approval for omaveloxolone for Friedreich's ataxia is due on 28 February.
The FDA has already postponed the application after the company submitted additional data.
Friedreich ataxia is a rare inherited disease that causes progressive damage to your nervous system and movement problems.
Nerve fibers in your spinal cord and peripheral nerves degenerate, becoming thinner.
Price Action: RETA shares are down 35.7% at $28.61 on the last check Monday.

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Why Reata Pharmaceuticals Shares Are Falling Monday?