Wedbush upgrades Travere Therapeutics to Outperform, raises target to $30

As previously reported, Wedbush upgraded Travere Therapeutics to Outperform from Neutral with a price target of $30, up from $26. Following the announcement of a Filspari approval in IgA nephropathy, shares fell less than$18/share amid investor concerns around the drug’s labeling. The firm sees the inclusion of starting proteinuria levels and liver function monitoring as in-line with its pre-approval expectations. Given the unmet need in the space and strong pre-launch awareness of the drug, Wedbush thinks these challenges can be overcome.