Travere Therapeutics rises as Guggenheim upgrades to 'buy'

Travere Therapeutics

09/09/2024 15:12

** Shares of Travere Therapeutics  TVTX.O  rise 9.3% to
$11.98
    ** Brokerage Guggenheim upgrades stock rating to "buy" from
"neutral" and sets PT of $25 - a Street high, as per LSEG
    ** Guggenheim's PT represents upside of 127.7% to stock's
last closing price
    ** TVTX gained 11% on Friday after getting FDA's full
approval for Filspari, which slows kidney function decline in
adults with primary IgA Nephropathy and expansion of the drug's
label
        ** Guggenheim sees more attractive risk/reward for
drug's potential to treat focal segmental glomerulosclerosis
(FSGS) - a disease caused by formation of scar tissue in kidneys
  
        ** Brokerage optimistic on Filspari being able to obtain
FDA approval in FSGS after conversations with leading
nephrologists
  
        ** Guggenheim forecasts peak U.S. sales of ~$800 mln for
drug in FSGS, if approved
    ** Avg. rating of 15 analysts tracking TVTX at "buy"; median
PT is $17.50
    ** Stock extends YTD gains to ~33%, including session's move

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))