Travere Therapeutics (TVTX) stock surged on Tuesday after the biopharmaceutical company received full approval for FILSPARI from the U.S. Food and Drug Administration (FDA). This approval covers the use of FILSPARI to slow the decline of kidney function in adults with primary IgAN who are at risk of disease progression. IgAN is a chronic autoimmune disease where IgA antibodies build up in the kidneys, causing inflammation and reducing filtration ability.
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Travere Therapeutics noted that the approval from the FDA came after a long-term study of FILSPARI. This showed that the treatment was successful in significantly slowing kidney function decline over a two-year period when compared to current treatment, irbesartan. The data also included a clearly defined safety profile, as FILSPARI was well-tolerated by patients.
Ligand Pharma (LGND) stock was also up on today’s FILSPARI news. This is due to Ligand Pharma’s partnership with Travere Therapeutics. According to the agreement between the two companies, Ligand Pharma will receive milestone payments and a 9% royalty on worldwide net sales of FILSPARI from Travere Therapeutics.
Travere Therapeutics and Ligand Pharma Stock Movements Today
Travere Therapeutics stock was up 33.13% on Tuesday, but was still down 19.65% year-to-date. However, the stock remained up 105.9% over the past 12 months. Today’s news also saw some 2.5 million shares change hands, compared to a three-month average daily trading volume of about 1.36 million shares.
Ligand Pharma stock was up 6.48% today, extending a 19.84% year-to-date rally. The shares have also climbed 99.85% over the past 12 months. Trading activity was muted at some 18,000 shares, compared to a three-month average daily trading volume of roughly 234,000 shares.
TVTX vs. LGND: Which Stock Do Analysts Prefer?
Considering today’s news, traders might be weighing investments in Travere Therapeutics and Ligand Pharma. Turning to the TipRanks stock comparison tool, traders will see that both of these companies have Strong Buy consensus ratings. However, LGND offers the higher upside potential at 9.53%, compared to 3.36% for TVTX.
