Reata Pharmaceuticals’ RETA stock shot up more than 177% on Wednesday morning after the Food and Drug administration approved a drug treatment for a disease called Friedreich’s ataxia, a rare inherited disease that causes damage to the nervous system.
Meanwhile, shares in struggling movie-theater chain and meme-stock phenomenon AMC Entertainment AMC declined 8% premarket after reporting its 14th consecutive quarterly loss. The company posted a net loss of $287.7 million, or 26 cents a share, compared with a net loss of 13 cents a share in the same period last year.
American depositary receipts of China-based NIO NIO rallied to highs of 6% on the back of positive China PMI data that showed manufacturing activity was rising at a decade-high rate. The stock rose despite Tesla’s rival reporting net losses that more than doubled from a year ago.