Guggenheim analyst Vamil Divan lowered the firm’s price target on Travere Therapeutics to $23 from $25 and keeps a Buy rating on the shares after Travere announced a voluntary pause in the enrollment of the Phase 3 HARMONY study evaluating pegtibatinase for the treatment of classical homocystinuria, or HCU. The timeline for broader patient enrollment and eventual commercialization has been “significantly delayed,” with management expecting to resume the study enrollment in 2026, the analyst noted. In adjusting its model to account for the news, the firm is lowering its pegtibatinase probability of success “modestly” to 60% from 70%, while also pushing out pegtibatinase sales by two years.
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