As previously reported, Guggenheim upgraded Travere Therapeutics to Buy from Neutral with a $25 price target after the company “cleared an important hurdle” last week with the FDA granting full approval to Filspari for immunoglobulin A nephtropathy, or IgAN. While the firm continues to worry about increasing competitive intensity in the IgAN space, it sees a more attractive risk/reward heading into updates it expects starting next month on the focal segmental glomerulosclerosis, or FSGS, side, the analyst tells investors. The firm believes investor expectations remain very low on Filspari’s potential in FSGS, but its diligence and talks with leading nephrologists leave it “increasingly optimistic,” the analyst added.
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