Travere Therapeutics (TVTX) PT Raised to $65 at Guggenheim

Guggenheim analyst Vamil Divan raised the price target on Travere Therapeutics (NASDAQ: TVTX) to $65.00 (from $56.00) while maintaining a Buy rating.

The analyst commented: "We are updating our Travere Therapeutics model ahead of 2Q 2026 earnings that we expect in early August, where we will get our first concrete insights on how the Filspari launch in focal segmental glomerulosclerosis (FSGS) is proceeding after the April 13 FDA approval. We do not expect the company to break out sales or new patient start forms (PSFs) by indication, but expect a continued upward trajectory in both after a record setting 1Q 2026 (993 new PSFs and US Filspari net sales of $105.2M) that was driven strictly by sales in IgA nephropathy (IgAN). For 2Q, we forecast Filspari sales of $124.7M (vs. Consensus of $127.7M) and total company revenue of $148.9M (vs. $160.6M), although we believe the buyside is somewhat higher than the sellside given the large positive move in TVTX shares since the FSGS approval (up 88% vs. XBI up 13.4% since April 13). We remain above Consensus for FY 2026E on both Filspari sales ($589.5M vs. $574.0M) and EPS ($1.97 vs. $1.58). Ahead of the quarter, we are also adjusting our Filspari US IgAN exclusivity assumption after the recent Notice of Allowance from the US Patent & Trademark Office (PTO) on a patent which provides coverage for certain methods of using Filspari in IgAN into October 2037 (versus our prior loss of exclusivity assumption of April 2033). These additional Filspari IgAN sales in the 2033-2037 time period are the core driver of the increased NPV in our TVTX model, with our DCF-derived price target going up to $65 (from $56). We reiterate our Buy rating and Best Idea for TVTX shares."

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