Travere Therapeutics (TVTX) PT Raised to $50 at Jefferies

Jefferies analyst Maury Raycroft raised the price target on Travere Therapeutics (NASDAQ: TVTX) to $50.00 (from $42.00) while maintaining a Buy rating.

The analyst comments "TVTX: 1Q call timing TBD. Post-FSGS approval (note), we continue to like the setup due to: 1) low launch risk given high unmet need and the drug is already marketed in IgAN w/ identical prescriber touchpoints; 2) strategic appeal w/ TVTX's Filspari being the only approved tx in FSGS and ~3yrs ahead of comps; and 3) an underappreciated HCU pipeline asset that should re-enter focus w/ ph.III restart. For IgAN sales, we est ~$106M (vs cons $108M); it is TBD if TVTX's 900+ PSFs in 4Q will be maintained w/ Otsuka's Voyxact launching (500 PSFs w/in ~70 days of approval), but 1Q PSFs will serve as a baseline for IgAN PSFs going fwd as TVTX does not plan to break out PSFs/revs for FSGS & IgAN in future earnings. Model update: increased POS to 100% (prior 75%) for FSGS and 30% (prior 20%) for HCU; adj expenses; PT $50 (vs prior $42)."

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