BofA lowered the firm’s price target on Travere Therapeutics to $27 from $41 and keeps a Buy rating on the shares after the company announced “mixed” data from the phase 3 PROTECT trial in IgA nephropathy, or IgAN. Given the clinical benefit of Filspari, the firm sees a path forward for a full approval of Filspari in IgAN and models $1.1B in peak sales, notes the analyst, who also sees “optionality with pegtibatinase.”
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