Piper Sandler Lifts Travere Therapeutics Price Target to $38 with 40% Upside
Travere Therapeutics posted U.S. Q4 net sales of $126.6 million versus $73.5 million a year earlier, lifting full-year U.S. sales to $410.5 million, up 82% on FILSPARI strength. Piper Sandler increased its target on Travere Therapeutics from $35 to $38 and kept a Neutral rating, implying about 40% upside.
1. Company Q4 Sales Surge
On February 19, Travere Therapeutics delivered U.S. net product sales of $126.6 million in Q4, up from $73.5 million a year earlier, driving full-year U.S. sales to $410.5 million, an 82% year-over-year increase primarily driven by FILSPARI’s market performance.
2. Financial Position and Milestone Payment
The company reported Q4 net income of $2.7 million, a swing from a $60.3 million loss in the same period of 2024, and ended 2025 with $322.8 million in cash, equivalents and marketable securities; management expects an additional $25 million milestone payment in the first half of 2026.
3. Analyst Price Target Increase
On February 6, Piper Sandler raised its price target for Travere Therapeutics from $35 to $38, maintained a Neutral rating and cited updated commercial estimates ahead of earnings, implying roughly 40% upside potential from current levels.