Tvardi Therapeutics price target lowered to $3 from $4 at Piper Sandler

Piper Sandler lowered the firm’s price target on Tvardi Therapeutics (TVRD) to $3 from $4 and keeps a Neutral rating on the shares. At Q4/FY25 earnings, Tvardi reiterated TTI-109’s Phase 1 HVs is on track for topline and color on next steps in Q2 2026, which the firm expects to be a key catalyst to guide future development of the company’s second-generation STAT3 inhibitor. At readout, Piper expects the disclosure will provide insight into TTI-109’s differentiated PK/PD, ability to rapidly convert into TTI-101, and exposure rates, which will be crucial to inform future development.