BofA raised the firm’s price target on Travere Therapeutics to $19 from $18 and keeps a Buy rating on the shares after the company announced that the FDA granted full approval for Filspari to slow kidney function decline in adults with primary IgAN who are at risk of disease progression. Though an “achievement for Travere,” the firm expects “modest strength in shares” as it notes that management had guided to both the label having eliminated the UPCR condition, which expands the addressable population, and that the REMS would be kept in place. Travere reiterated plans to submit an sNDA to reduce the REMS, but declined to offer many details, especially over timing, BofA added.
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- Travere Therapeutics price target raised to $23 from $20 at H.C. Wainwright
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