In a report released yesterday, Yigal Nochomovitz from Citi maintained a Buy rating on Travere Therapeutics (TVTX – Research Report), with a price target of $35.00.
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Yigal Nochomovitz has given his Buy rating due to a combination of factors surrounding Travere Therapeutics. Despite the stock’s significant drop following the announcement of a standard review timeline for sparsentan in FSGS, Nochomovitz believes this reaction is exaggerated. The decision to opt for a standard review instead of a priority review is seen as a result of the FDA’s scheduling constraints rather than a reflection on the drug’s potential.
Furthermore, Nochomovitz maintains confidence in the conclusions drawn by the PARASOL working group, which supports proteinuria as a viable endpoint for FSGS approval. This confidence is bolstered by recent precedents and the continued involvement of key figures like Aliza Thompson at the FDA. The analyst sees the FDA’s decision to hold an advisory committee meeting as consistent with its approach to addressing unmet medical needs, reinforcing the Buy rating with an expected share price return of 65.5%.
Nochomovitz covers the Healthcare sector, focusing on stocks such as Arvinas Holding Company, Travere Therapeutics, and Summit Therapeutics. According to TipRanks, Nochomovitz has an average return of 2.7% and a 38.37% success rate on recommended stocks.