Travere Therapeutics price target lowered to $14 from $30 at Evercore ISI

Evercore ISI lowered the firm’s price target on Travere Therapeutics to $14 from $30 and keeps an Outperform rating on the shares after the Phase 3 PROTECT trial narrowly missed the U.S. endpoint, but met the EU endpoint, which the analyst notes was the original U.S. endpoint. The firm, while lowering its target on the shares, thinks sparsentan has a “reasonable” chance of full approval, and “certainly much more than the current stock price suggests, which is basically 0,” and sees the probability of it getting pulled from the market as “low,” the analyst tells investors.