Chinook Therapeutics price target lowered to $35 from $43 at Guggenheim

Guggenheim lowered the firm’s price target on Chinook Therapeutics (KDNY) to $35 from $43 and keeps a Buy rating on the shares after Travere Therapeutics (TVTX) announced that the DUPLEX study for Filspari in focal segmental glomerulosclerosis, or FSGS, failed to meet its primary efficacy endpoints. Filspari performed close to what the firm had expected, but the comparator irbesartan arm performed better than expected, leading to the negative overall results, says the analyst, who is removing all FSGS sales from the firm’s Travere model and similarly removing FSGS sales for atrasentan from the firm’s Chinook model given the similar mechanism of action between Filspari and atrasentan.