Leerink Partners analyst Joseph Schwartz maintained a Buy rating on Travere Therapeutics (TVTX – Research Report) on May 15 and set a price target of $42.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Joseph Schwartz has given his Buy rating due to a combination of factors surrounding Travere Therapeutics’ recent developments. The FDA’s acceptance of the supplemental New Drug Application for Filspari, aimed at treating focal segmental glomerulosclerosis (FSGS), under standard review is a significant milestone. Although the decision to hold an Advisory Committee meeting introduces some regulatory uncertainty, it aligns with the FDA’s recent trend of increased transparency and thoroughness in their approval processes.
Schwartz remains optimistic about Filspari’s eventual approval, noting that the potential market for the drug in FSGS could provide substantial upside for Travere’s stock. Moreover, even without the FSGS approval, the valuation of Travere Therapeutics is supported by its opportunities in treating IgA nephropathy. Despite a recent dip in stock price, Schwartz believes the market has overreacted, and the stock is currently undervalued, thus justifying a Buy rating and a price target of $42.
In another report released on May 16, Evercore ISI also maintained a Buy rating on the stock with a $45.00 price target.