Travere Therapeutics price target lowered to $18 from $25 at Guggenheim

Guggenheim lowered the firm’s price target on Travere Therapeutics to $18 from $25 and keeps a Buy rating on the shares. The firm was “surprised and disappointed” by the topline data from Travere’s PROTECT trial for Filspari in IgA nephropathy, or IgAN, noting that the drug was unable to deliver statistically significant results on the FDA required primary endpoint of change in eGFR total slope. The firm’s model now includes a 30% probability of Filspari being pulled from the U.S. market and Guggenheim also lowers its peak adjusted Filspari sales estimate to about $750M from about $1.3B, but it maintains a Buy rating given the downward move in the stock yesterday.