Travere Therapeutics price target lowered to $22 from $40 at H.C. Wainwright

H.C. Wainwright analyst Ed Arce lowered the firm’s price target on Travere Therapeutics to $22 from $40 and keeps a Buy rating on the shares after the pivotal Phase 3 DUPLEX study of sparsentan in 371 focal segmental glomerulosclerosis patients did not show statistically significant eGFR slope over 108 weeks of treatment. The firm removed sparsentan’s focal segmental glomerulosclerosis indication from the model given its "uncertain future," but continues to expect a positive eGFR slope 110-week readout for the PROTECT IgA nephropathy study in Q4.