Citi trims Travere target, opens ‘upside 90-day catalyst watch’

Citi lowered the firm’s price target on Travere Therapeutics (TVTX) to $32 from $35 and keeps a Buy rating on the shares. The firm also added an “upside 90-day catalyst watch” on the shares. Citi updated its model post the Q1 report. It expects Travere to receive FDA approval on or before the upcoming FDA action date of August 28 for the applicating seeking a lighter Risk Evaluation and Mitigation Strategies program for Filspari for the treatment of immunoglobulin A nephropathy. The potential modifications include a step-down in liver monitoring from monthly to quarterly, and in a best-case scenario the REMS could be lifted entirely, the analyst tells investors in a research note. The firm expects increased and accelerated uptake in IgAN assuming approval of the application.