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Biotech developing kidney disease treatment jumps after hedge fund recommendation at conference

The drug, bardoxolone, that Reata is developing to fight kidney disease has "striking efficacy," Bihua Chen says. Shares of Reata Pharmaceutical jump nearly 5% after Chen reveals her bet on the drugmaker. Bihua Chen, founder and portfolio manager at Cormorant Asset Management, said on Monday she likes Reata Pharmaceuticals RETA for the drug it's developing to fight kidney disease.