Shares of Travere Therapeutics (TVTX) reached a 52-week high of $68.25, trading just below the session peak of $68.23, as second-quarter results surpassed Wall Street expectations and highlighted sustained momentum behind its kidney disease franchise.
Total second-quarter revenue came in at $169.6 million, exceeding the consensus forecast of $160.66 million, according to InvestingPro data. U.S. net product sales accounted for $161.4 million, while licensing and collaboration revenue contributed $8.2 million. The company ended the quarter with approximately $489.2 million in cash, equivalents, and marketable securities.
The primary driver was FILSPARI, the company's treatment for IgA nephropathy and focal segmental glomerulosclerosis (FSGS). FILSPARI sales surged roughly 96% year over year to $141.1 million.
The earnings release underscored a sharp upward trajectory for the stock. Travere Therapeutics shares have climbed 172.32% over the past year, gained 131% over the last six months, and are up 73% year to date. Last twelve months revenue growth stood at 77%.
Stifel raised its price target for the stock from $43 to $62, maintaining a Hold rating. On valuation, InvestingPro assessed the stock as overvalued based on its Fair Value model, while assigning the company a "Great" financial health rating and noting that analysts project Travere will reach profitability this year.
