Shares of biopharmaceutical company Travere Therapeutics (NASDAQ:TVTX) are tanking at the time of publishing today after topline efficacy data from a Phase 3 trial of sparsentan in focal segmental glomerulosclerosis (FSGS) failed to impress investors.
While the therapy was observed to be well tolerated and demonstrated a consistent safety profile in all trials, it failed to achieve the primary endpoint in the more than 108-week treatment.
Next, Travere plans to explore a supplemental new drug application in the U.S. for the therapy. Additionally, it is also looking at a possible variation for the conditional marketing authorization for sparsentan in Europe.
FSGS, a progressive and rare kidney disease, impacts over 40,000 people in the U.S. and has a similar prevalence rate in Europe as well.
Overall, the Street has a $31.78 consensus price target on Travere, implying a hefty potential upside of 40.6% in the stock.
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