Travere Therapeutics price target lowered to $32 from $35 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Travere Therapeutics to $32 from $35 and keeps a Buy rating on the shares. Following Travere’s Q2 report, the firm changed its model to remove the revenue stream from the bile acid products after Q3, adjust future operating expenses to reflect current spend for the Filspari launch as well as the removal of ongoing investment related to the former bile acid portfolio and add potential milestone payments of up to $235M from Mirum, adjusted for what it estimates to be 40% odds of success.