H.C. Wainwright keeps $50 target on Calliditas after Travere data

H.C. Wainwright reiterates a Buy rating on Calliditas Therapeutics (CALT) with a $50 price target after Travere Therapeutics (TVTX) announced topline two-year confirmatory data from a pivotal Phase 3 study evaluating sparsentan, marketed as Filspari, compared to irbesartan. Although sparsentan showed clinically meaningful efficacy in preserving kidney function and achieved statistical significance in estimated glomerular filtration rate chronic slope, the drug narrowly missed statistical significance in eGFR total slope, the analyst tells investors in a research note. In contrast, Calliditas’ Nefecon, marketed as Tarpeyo in the U.S., demonstrated a robust statistical significance in eGFR total slope in the pivotal Phase 3 NeflgArd study regardless of the methods of statistical analysis, says the firm. It believes Travere’s data speak to Nefecon’s long-term clinical benefit. Wainwright thinks the drug is highly likely could receive a full U.S. approval by the end of this year. Shares of Calliditas are up 12% to $18.82 in morning trading.