Travere Therapeutics initiated with an Overweight at Wells Fargo

Wells Fargo analyst Mohit Bansal initiated coverage of Travere Therapeutics with an Overweight rating and $28 price target. The analyst sees upside to consensus on the launch of sparsentan and views the upcoming FDA label as a clearing event-quarterly monitoring is a likely and manageable scenario. For 2023 catalysts, Bansal sees positive eGFR outcomes in FSGS and IgAN. The sparsentan launch will likely dominate 2023, as a positive, based on the Tarpeyo analog, he adds. The class could also see consolidation, the analyst points out.