Travere Therapeutics price target raised to $23 from $14 at Citi

Citi raised the firm’s price target on Travere Therapeutics to $23 from $14 and keeps a Buy rating on the shares after the FDA granted full approval of Filspari. This increases the drug’s market size from the initial 30,000-50,000 to 70,000, and Citi expects sales to inflect accordingly, with a modest increase in fiscal 2024 and a greater inflection in 2025, the analyst tells investors in a research note. The firm believes Filspari has the potential to become a foundational kidney-targeted therapy. Full approval “should embolden physicians to prescribe this therapy more broadly,” the firm contends.