BofA analyst Scott Puckhaber has initiated coverage on Retrophin (RTRX +3.9%) with a Buy rating and $30 (56% upside) price target.
Topline data from two Phase 3 clinical trials evaluating lead candidate sparsentan are expected in H2 2021 in two kidney indications, ahead of previous guidance of H1 2022 mentioned in its Q2 conference call.
He sees ~30% downside in the event if the trials are unsuccessful, but over 100% upside if both studies are winners.
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