Travere Therapeutics (TVTX) PT Raised to $67 at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis raised the price target on Travere Therapeutics (NASDAQ: TVTX) to $67.00 (from $57.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating and are increasing our price target to $67 from $57 based on the addition of civerobrutinib to our overall valuation, but just for the PMN indication. We see potential upside from the inclusion of additional indications. Our valuation of Travere is now split into two components. First regarding current sales of FILSPARI, our valuation is based on a risk-adjusted net present value (rNPV) analysis of projected future revenues; we assume an 8% discount rate and 0% terminal growth in our model. Our rNPV is based on $5.4 billion and added net cash of $264 million to arrive at our $57 price target. Regarding civerobrutinib and other clinical stage assets, our valuation is based on our clinical net present value (NPV) model, which allows us to flex multiple assumptions affecting a drug's profile. Risk factors that could impede the stock from reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway."

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