Travere Therapeutics Sparks Retail Frenzy As Stock Hits Over 2-Year High On FDA Approval Plan For Kidney-Disease Drug

Shares of Travere Therapeutics Inc. surged over 13% Tuesday afternoon, reaching their highest level since October 2022 and driving a spike in retail discussions on Stocktwits.

The rally followed Travere’s announcement that it plans to seek full FDA approval for Filspari in treating focal segmental glomerulosclerosis (FSGS), a rare kidney disorder. 

The company expects to submit a supplemental New Drug Application (sNDA) based on existing Phase 3 and Phase 2 data by the end of the first quarter.

According to The Fly, Wells Fargo sees the accelerated timeline as a strong positive. It estimates a 60%- 70% probability of success, which it models as a fair value range of $27-$30 per share. 

At full approval, the firm values the stock at $40 per share, but currently maintains an ‘Overweight’ rating with a $27 price target. 

Stocktwits sentiment for Travere turned ‘bullish,’ with message volume (81/100) hitting a three-month high. 

Retail traders cheered the news, with some analyzing technical patterns signaling further gains. 

FSGS is a rare kidney disorder affecting over 40,000 patients in the U.S., with no current FDA-approved treatments. 

Filspari has already been approved to slow kidney function decline in adults with IgA nephropathy.

Shares of Travere have nearly tripled over the past 12 months.

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