08:05 AM EDT, 09/27/2024 (MT Newswires) -- Travere Therapeutics ( TVTX ) remains attractive despite production challenges that have slowed phase 3 testing of a key drug it has in development, Wedbush said in a note to clients Friday.

Wedbush analyst Laura Chico said that the company's voluntary pause on the enrollment in the testing of pegtibatinase, which is intended for the treatment of classical homocystinuria, a rare metabolic disorder, is "disappointing" because the treatment could diversify the company's portfolio beyond Filspari.

With the company expecting the trial to be halted until 2026, Wedbush said it now expects the commercial launch of pegtibatinase will not take place until fiscal 2030, compared with its prior estimate of a 2028 commercial launch -- presuming that enrollment restarts by early fiscal 2026.

"For our part, the update is disappointing as pegtibatinase advancement offered an opportunity to diversify the story beyond Filspari," Wedbush said.

In connection with the delay, Wedbush lowered its non-GAAP fiscal 2025 research and development expense estimate to $153 million.

Wedbush also lowered its price target on the company to $17 from $19, while maintaining its outperform rating on the stock.

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