Travere Therapeutics Inc. shares reached a 52-week high of $68.03 on Wednesday, extending a rally that has delivered a 243% gain over the past year.
The biopharmaceutical company’s performance was driven by robust demand for its kidney drug FILSPARI, which recorded $141.1 million in sales during the second quarter—a 96% increase from the prior year. Total revenue for the period totaled $169.6 million, exceeding Wall Street’s forecast of $160.66 million.
U.S. net product sales reached $161.4 million, while licensing and collaboration revenue contributed an additional $8.2 million. The company also reported 2,012 start forms for FILSPARI in the quarter, reflecting strong adoption since its launch for both IgA nephropathy and the newly approved indication for focal segmental glomerulosclerosis (FSGS).
Travere ended the quarter with approximately $489.2 million in cash, cash equivalents, and marketable securities. Analysts at Stifel raised the stock’s price target to $62 from $43 while maintaining a Hold rating, citing the company’s strong commercial execution despite trading above fair value according to InvestingPro data.
