Travere Therapeutics price target raised to $25 from $20 at Stifel

Stifel raised the firm’s price target on Travere Therapeutics (TVTX) to $25 from $20 and keeps a Hold rating on the shares following the announcement that FDA no longer plans to hold an advisory committee meeting for the sparsentan sNDA in focal segmental glomerulosclerosis. While the firm finds this “unexpected,” it notes that more recent precedent from FDA AdCom cancelations have been taken as positive indicators and is updating its model to reflect 90% odds of success of approval.