Rare diseases treatment developer Travere Therapeutics has the potential for meaningful long-term value, according to JPMorgan. Analyst Anupam Rama initiated coverage on Travere with an overweight rating on Friday. The December 2024 price target of $26 implies shares surging 66% from Thursday’s close. Earlier this year, Filspari received accelerated approval from the U.S. Food and Drug Administration. The drug treats a kidney disease called primary immunoglobulin A nephropathy (IgAN). Rama said that even with JPMorgan’s conservative approach to its model on the drug, the firm sees the IgAn market “as a large multi-billion long-term market that can support multiple innovative therapies/modalities, for which Filspari should have a meaningful place in the treatment paradigm.” The company is also awaiting regulatory feedback for pegtibatinase , which is designed to treat classical homocystinuria (HCU), a rare genetic metabolic disorder. Rama said the drug is an “interesting/compelling” product. “Looking [at] the pipeline more broadly, in our view, the pegtibatinase opportunity is being significantly underappreciated by the Street, and this program has the potential as a long-term game changer in HCU,” the analyst noted. Shares jumped 3% Friday. However, the stock is still down about 23% for the year. —CNBC’s Michael Bloom contributed to this report.
