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On Thursday, Canaccord Genuity adjusted its financial outlook for Travere Therapeutics (NASDAQ:TVTX), increasing the price target to $47.00, up from the previous target of $45.00. The firm has reiterated its Buy rating on the company's shares. According to InvestingPro data, the stock has shown remarkable strength with a 115% return over the past year, despite recent market volatility. The revision follows a series of notable developments in the sector of IgA nephropathy (IgAN) drug development.
In a recent statement, Canaccord Genuity analyst Ed Nash highlighted the dynamic changes within the IgAN drug landscape, mentioning the FDA Accelerated Approval of Novartis (SIX:NOVN)'s Vanrafia for reducing proteinuria in primary IgAN. He also noted Vera Therapeutics' announcement about completing full enrollment for its Phase III ORIGIN 3 trial for atacicept in IgAN. Nash provided an analysis of how Travere's Filspari stands out among newly approved and late-stage IgAN therapies. With a market capitalization of $1.27 billion and a current ratio of 2.08, the company maintains strong liquidity to support its drug development initiatives.
Travere's Filspari, according to Nash, is poised to be a leading therapeutic option in the treatment of IgAN. Canaccord Genuity projects an almost doubling of Filspari's revenue for focal segmental glomerulosclerosis (FSGS) in 2025, anticipating sales of $263.5 million. The firm expects the growth momentum to continue, with projected revenue reaching $741.5 million by 2032. Furthermore, the likelihood of Filspari gaining approval for FSGS in the United States is considered high, with potential revenue of $537.6 million by 2032.
The reassessment of Travere's financial prospects by Canaccord Genuity underscores the company's potential in the competitive field of IgAN treatments. The firm's confidence in Filspari's market performance and the drug's projected revenue growth have been influential factors in the decision to raise the 12-month price target and maintain a positive outlook on Travere's stock.
In other recent news, Travere Therapeutics reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of -$0.47, compared to the forecasted -$0.64. The company's revenue also exceeded projections, reaching $74.79 million against a forecast of $71.08 million. Additionally, Travere has submitted a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration for FILSPARI®, targeting FSGS treatment, potentially marking it as the first FDA-approved treatment for this condition. This submission is supported by data from the Phase 3 DUPLEX Study and the Phase 2 DUET Study, which demonstrated FILSPARI's effectiveness in reducing proteinuria in FSGS patients.
Cantor Fitzgerald has maintained an Overweight rating on Travere Therapeutics, expressing optimism about the market potential of their drug candidate Filspari, particularly in treating FSGS and IgAN. The firm forecasts significant growth for Filspari, anticipating rapid market uptake upon approval. Meanwhile, Citi analyst Carly Kenselaar increased the price target for Travere Therapeutics stock to $35 from $31, maintaining a Buy rating, citing positive growth prospects for FILSPARI. Kenselaar anticipates regulatory changes in REMS monitoring requirements to accelerate FILSPARI's uptake in 2025.
Travere's financial performance is further bolstered by strong sales of VILSPARI, contributing significantly to the company's revenue growth. The company continues to focus on expanding its market presence, especially in nephrology, with plans to submit an sNDA for the FSGS indication by the end of the first quarter of 2025.
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