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JP Morgan had kicked off Travere’s (NASDAQ:TVTX) coverage of its overweight rating, suggesting that the Street had not sufficiently appreciated the market potential of the company’s pegibatinase drug in the treatment of homocystinuria, or HCU.
The investment bank says pegibatinase has the potential to be a “long-term game changer” in HCU care and sees the stock as high-dollar into the $20s. JP Morgan set its price target for the stock at $26.
The bank also said investors should keep an eye on the topline’s Phase 2 data on the company’s flagship drug Filspari as it could influence the rollout curve and doctors’ perceptions of the product. Data is expected in Q4.
Filspari is approved for the treatment of IgA neuropathy, or IGAN, which banks regard as a multi-billion dollar market capable of supporting a variety of therapies and modalities. The company may receive conditional approval for the product in the EU during the second half of this year.