Wells Fargo downgraded Travere Therapeutics to Equal Weight from Overweight with a price target of $8, down from $24. The PROTECT study failure introduces uncertainty to the rate of uptake and long-term value of Filspari, the analyst tells investors in a research note. The firm moves to the sidelines, awaiting evidence that the Filspari launch trajectory can be maintained through the latest data. Wells says it would need at least two quarters of launch metrics to have assurance about the trajectory post-PROTECT.
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