Travere selloff on trial pause an opportunity, says Citi

Citi lowered the firm’s price target on Travere Therapeutics to $19 from $23 and keeps a Buy rating on the shares. The enrollment pause in the Phase 3 homocystinuria trial triggered by the pegtibatinase manufacturing scale-up not meeting required specs “is obviously unexpected nor something that could be reasonably predicted,” the analyst tells investors in a research note. However, the firm says the top-line homocystinuria readout it had modeled in 2026 “wasn’t a huge focus for investors just yet.” The target cut reflects pushing out the assumed launch from 2027 to 2029. The stock weakness on this news is an opportunity to accumulate Travere shares as the full approval of Filspari now in place should support revenue acceleration, contends Citi.