As previously reported, William Blair downgraded Travere Therapeutics to Market Perform from Outperform after Travere announced that the Phase 3 PROTECT study of Filspari for the treatment of IgA nephropathy, or IgAN, did not meet its confirmatory two-year endpoint. While the confirmatory data for Filspari show a clear benefit to patients that supports continued marketing of the product, the firm believes the data “provide little incentive for payers to prescribe Filspari over irbesartan” and it is uncertain of the market opportunity for Filspari in IgAN.
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