Wells Fargo analyst Mohit Bansal notes Travere Therapeutics (TVTX) plans to submit on Phase 3 DUPLEX study after FDA meeting. The company plans to submit sNDA around end of Q1 2025. The firm believes the submission timeline suggests minimal additional work is needed, which it sees as a strong positive. Wells sees about 30% upside with this news as the Street will likely assign 60%-70% probability to success now, which could mean Travere fair value of $27-$30/share. At 100% probability, FV is $40/share in its model. The firm has an Overweight rating on the shares with a price target of $27.
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