Travere Therapeutics price target lowered to $27 from $31 at BofA

BofA analyst Jason Zemansky lowered the firm’s price target on Travere Therapeutics (TVTX) to $27 from $31 and keeps a Buy rating on the shares after the FDA granted Novartis’ (NVS) endothelin A receptor antagonist Vanrafia accelerated approval for IgAN and the agency did not require a REMS. While approval had largely been expected, debate had focused on whether regulators would mandate a monitoring program for hepatoxicity and the lack of a REMS offers a potential competitive advantage vs Travere’s Filspari, the analyst tells investors. The competitor label is “a setback,” but the overall story “remains intact,” added BofA.