AdCom cancellation ‘clear positive’ for Travere Therapeutics, says Jefferies

After Travere Therapeutics (TVTX) announced that the FDA informed the company it no longer plans to hold an advisory committee meeting to review the sNDA for Filspari for focal segmental glomerulosclerosis, Jefferies analyst Maury Raycroft believes the AdCom cancellation is “a clear positive” that suggests that FDA is fully on board with using UPCR as a surrogate end point for full approval. Noting that management remains confident in getting Filsapri approved for FSGS by the PDUFA date of January 13, the firm adds that it thinks approval could come in earlier and reiterates its $35 price target and Buy rating heading into what it sees as a “likely approval.”