TRAVERE initiation of coverage SELL – USD17 TRAVERE SELL – USD17 TP | More questions than answers – A contrary view on sparsentan PDUFA
TRAVERE initiation of coverage SELL – USD17TRAVERE SELL – USD17 TP | More questions than answers – A contrary view on sparsentan PDUFA
Drug development in IgAN has intensified over the recent years, with several clinical trials ongoing, and early data showing encouraging proteinuria benefits. Travere has one of the more advanced clinical assets, after the company pivoted sparsentan into a phase 3 trial and filed for accelerated/conditional approval on the back of interim data. The PDUFA in November is fast approaching, and we believe that the event has a negatively skewed risk/reward profile. In our view, it would be unusual for the FDA to give sparsentan an accelerated approval based on proteinuria if the trial did not show a benefit on eGFR at the time of the interim analysis. We initiate coverage with a SELL and $17 PT, implying a ~36% downside.
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