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