Travere Therapeutics selloff should be bought, says Citi

Citi analyst Yigal Nochomovitz would be buying the selloff in Travere Therapeutics (TVTX) on news the company received standard versus the anticipated priority review timeframe for sparsentan in focal segmental glomerulosclerosis. The firm says the four month clock to organize, prepare for and hold an advisory committee meeting and then reach an approval determination “was too tight” in light of possible workload balance/constraints at an evolving FDA. Citi believes the standard review timeline does not change conviction on the conclusions from the PARASOL working group supporting proteinurea as an approvable endpoint in FSGS. It keeps a Buy rating on Travere with a $35 price target