Travere Therapeutics price target lowered to $19 from $22 at Piper Sandler

Piper Sandler analyst Allison Bratzel lowered the firm’s price target on Travere Therapeutics to $19 from $22 and keeps a Neutral rating on the shares following a detailed look at the U.S. IgA nephropathy market. Piper’s survey work reinforces the view that Travere ‘s aim of establishing Filspari as a foundational therapy in IgAN will face “significant hurdles” due to Filspari-specific reasons and due to the maturing pipeline of new therapies for IgAN, the analyst tells investors in a research note. The firm trimmed its already below-consensus Filspari revenue estimates and remains comfortable “watching this launch story play out from the sidelines.”