UPDATE: Piper Sandler Starts Travere Therapeutics (TVTX) at Overweight

(Updated - March 30, 2022 4:14 PM EDT)

Piper Sandler analyst Do Kim initiates coverage on Travere Therapeutics (NASDAQ: TVTX) with a Overweight rating and a price target of $42.00.

The analyst comments "We initiate coverage of TVTX with an Overweight rating and $42 price target. We believe lead pipeline drug, Sparsentan, has blockbuster opportunities in rare kidney diseases, with near-term approval and commercial launch to drive upside to shares. We expect FDA priority review for Sparsentan in IgAN, with an accelerated approval by YE22. We believe regulatory agencies will accept proteinuria data from the Phase 3 PROTECT study as a surrogate endpoint for kidney survival, with interim eGFR supporting Sparsentan benefit. We expect Travere to confirm expansion into a second kidney disease, FSGS, with an accelerated filing in mid-2022 following a second interim eGFR analysis of Phase 3 DUPLEX. We estimate Sparsentan WW peak sales of $3.1B in IgAN and FSGS, with a 77% probability of success. We see additional upside from pegtibatinase, a Phase 3-ready drug for HCU, and for legacy drug Thiola to potentially limit generic erosion."

For an analyst ratings summary and ratings history on Travere Therapeutics click here. For more ratings news on Travere Therapeutics click here.

Shares of Travere Therapeutics closed at $26.05 yesterday.

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