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Battered-down biotechnology stock Travere Therapeutics could see a strong turnaround, according to Citi. Analyst Carly Kenselaar upgraded the clinical-stage company to buy/high risk and raised her price target by $3 to $10, which suggests shares could climb nearly 59% over the next 12 months. Kenselaar's new rating comes after some positive signals indicate the company is on track to obtaining full approval for its Filspari drug. "With the stock trading below cash, we believe risk/reward is skewed quite favorably into a full approval decision, supporting our upgrade," Kenselaar wrote in a Tuesday note. The move would extend its cash runway into 2028, the company said, which Kenselaar pointed to as another catalyst for her increased price target.
Persons: Carly Kenselaar, Kenselaar, Filspari, Travere Organizations: Citi, U.S . Food, FDA Locations: U.S
Goldman Sachs reiterates Nike as buy After a transfer of analyst coverage, Goldman Sachs said it sees improving growth for Nike shares. UBS downgrades United Rentals to neutral from buy UBS said in its downgrade of the equipment rental company that it sees a more balanced risk/reward. UBS reiterates Apple as neutral UBS said its analysis of Apple's App Store shows revenue increasing. UBS reiterates Netflix as buy UBS said it's standing by its buy rating on Netflix shares after hosting the company at a conference. William Blair reiterates Charles Schwab as outperform William Blair named Schwab a top pick for 2024, noting it's well-positioned.
Persons: Raymond James, Piper Sandler downgrades Albemarle, Piper Sandler, it's, Goldman Sachs, Roth, Roth MKM, TD Cowen, Bernstein, Mizuho downgrades Prologis, Wells, Wells Fargo, Oppenheimer, Domino's, Elliott, Morgan Stanley, Meta, Needham, Coinbase, JPMorgan, Raymond James downgrades Lululemon, LULU, Strong, William Blair, Charles Schwab, Schwab Organizations: Crescent Energy, Energy Company, Eagle Ford, UW, Nike, Bank of America, UBS, Credit Suisse, Yale, HY, United Rentals, Apple, Semiconductors, JPMorgan, IBM, Consulting, Mizuho, Marriott, of America, Netflix, Management, Integra, Financial, ISI, Disney, BR, Cargo Therapeutics, Citi, Travere Therapeutics Locations: Houston, Uinta, Eagle, LTHM, 2024E, 2025E, Argentina, Boston, China, Mexican
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 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 company is also awaiting regulatory feedback for pegtibatinase , which is designed to treat classical homocystinuria, a rare genetic metabolic disorder.
Persons: Anupam Rama, Filspari, Rama, — CNBC's Michael Bloom Organizations: Travere Therapeutics, JPMorgan, U.S . Food, Drug Administration Locations: Thursday's, U.S
The Federal Trade Commission on Friday asked that notorious "pharma bro" Martin Shkreli be held in contempt of court for forming a new drug company in violation of a judge's ban on the convicted fraudster from working in the pharmaceuticals industry. In its court filing Friday, the FTC noted that Shkreli in July announced the formation of a new company, Druglike, "that appears to be involved in the drug industry." The FTC said Shkreli is required by Cote's order to provide the agency with that information. Benjamin Brafman, a lawyer for Shkreli, declined to comment on the FTC filing. Shkreli was driven back to New York from his prison in Pennsylvania by a friend, Edmund Sullivan, who had previously served on the board of Retrophin.
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