Canaccord lowered the firm’s price target on Travere Therapeutics to $22 from $23 and keeps a Buy rating on the shares. The firm noted Travere announced the pause of patient enrollment of the ongoing Phase III HARMONY study for pegtibatinase in HCU. Travere expects to resume the HARMONY study enrollment in 2026 and Canaccord believes this change generates a two-year delay for the HCU program. They have updated their model to account for the delay.
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