ZY - Travere defended despite generic competition Elanco remains a buy at Citi; in today's analyst action

Analysts remain bullish on Travere despite approval of Thiola genericTravere Therapeutics (TVTX) fell sharply in mid-day trading Friday on the news of FDA approval for a Thiola (tiopronin) generic. A late recovery ensured the stock was only ~3.3% lower by the close.The Wall Street analysts seem to be undeterred. SVB Leerink retreated the outperform rating on the stock. The firm points to its bullish thesis focused more on Travere’s pipeline than the legacy product for cystinuria.Implying a ~108.0% upside with a $38 price target, BMO Capital Markets rates the stock outperform. Noting a potential loss in market share when Teva launches the generic Tiopronin, the firm argues that Thiola is only valued at $2 per share if sales come under pressure post-2021.The analyst is more focused on the upcoming updates on sparsentan, which is on track to generate topline data next quarter from a proteinuria analysis in a Phase 3 trial in IgA

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Travere defended despite generic competition, Elanco remains a buy at Citi; in today’s analyst action