Tvardi Therapeutics downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded Tvardi Therapeutics (TVRD) to Underweight from Equal Weight with a price target of $3, down from $4. The company’s funding overhang makes the story “incrementally more challenged” in 2026, the analyst tells investors in a research note. Barclays sees additional risks to the story with the pushout of Tvardi ‘s Phase 2 REVERT hepatocellular carcinoma study of TTI-101 from to the second half of 2026 relative to the company’s cash guidance of “through 4Q 2026.”