Citi analyst Carly Kenselaar initiated coverage of Travere Therapeutics with a Neutral rating and $7 price target. The analyst says the narrow statistical miss on the U.S. confirmatory endpoint in Travere’s Phase 3 PROTECT trial has brought Filsparib’s future approval status into question. However, the firm believes the PROTECT data provide consistent evidence of benefit on kidney function. Nonetheless, given the current regulatory uncertainty and its conservative expectations for the commercial ramp, it starts the stock at Neutral.
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