Travere Therapeutics price target lowered to $18 from $19 at BofA

BofA lowered the firm’s price target on Travere Therapeutics to $18 from $19 and keeps a Buy rating on the shares after Travere announced it was pausing enrollment of the pegtibatinase phase 3 HARMONY study to address manufacturing issues. The update is “an admitted setback to the commercial portfolio,” with Travere estimating a trial re-launch by 2026 at the earliest, but few were attributing much value to the program to be begin with and management emphasized that any disruptions would be unlikely to impact trial design and enrollment, so the firm expects any near-term impact on sentiment to be “modest,” the analyst tells investors.