Travere Therapeutics initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of Travere Therapeutics with an Outperform rating and $23 price target Scotiabank is a buyer of Travere shares after Filspari’s recent conversion to full approval for the treatment of IgA nephropathy in the U.S. and ahead of the expected launch outside the U.S., the analyst tells investors in a research note. While shares have yet to fully recover from the IgAN confirmatory readout last year, as the Filspari launch has continued and full approval with a broader label has been granted, the firm believes Travere’s position in IgAN is strong and the stock is meaningfully undervalued.