Travere Therapeutics price target raised to $25 from $17 at Wedbush

Wedbush raised the firm’s price target on Travere Therapeutics to $25 from $17 and keeps an Outperform rating on the shares after attending the PARASOL Working Group meeting in Bethesda, MD, which convened stakeholders from academia, regulatory, industry and patient advocacy to discuss endpoints for focal segmental glomerulosclerosis trials. The firm highlights two key takeaways, namely the FDA being motivated to move beyond eGFR as an endpoint in FSGS, and proteinuria possibly serving as a validated surrogate endpoint in FSGS. The firm looks for Travere to request an FDA meeting and to file an sNDA in the first half of 2025. PARASOL will communicate final results at ASN and in a publication. Should an approval manifest, there is also likely potential M&A value for Travere, Wedbush adds.