Travere Therapeutics, Inc. (NASDAQ: TVTX) is ending 2025 with a bang. In the holiday-shortened U.S. trading session on Wednesday, December 24, 2025, TVTX surged sharply—pushing to fresh highs as investors recalibrated around two big themes: accelerating commercial execution for FILSPARI (sparsentan) and a looming FDA decision that could expand the drug into a second major kidney disease indication. [1]
TVTX stock action on Dec. 24, 2025: a thin-session breakout with big numbers
In early trading on Dec. 24, TVTX was up roughly 15% and changing hands around the low $40 range—an outsized move for a single session, particularly during a day when markets closed early at 1:00 p.m. ET for Christmas Eve. [2]
Price data from the session shows the scale of the move: TVTX opened around $36, traded up to roughly $40+ intraday, and was indicated near $40.8 while markets were still open. [3]
Several market-news summaries framed the move as a “new high” event, reflecting the stock’s momentum into year-end. [4]
Just as important: the move happened in a holiday-shortened session, when liquidity is often thinner and price swings can become more dramatic than usual. [5]
Why Travere Therapeutics stock is moving: the market is “pulling forward” the January FDA catalyst
There wasn’t a same-day Travere press release on Dec. 24 driving the jump. Instead, the rally fits a familiar biotech pattern: investors positioning ahead of a major regulatory event—especially when the company has already delivered strong commercial metrics and supportive clinical narratives.
The near-term catalyst: FDA decision date for FILSPARI in FSGS
The centerpiece of the forward story is Travere’s supplemental NDA (sNDA) for FILSPARI in focal segmental glomerulosclerosis (FSGS). The FDA’s target action date (PDUFA) is January 13, 2026. [6]
In a notable de-risking signal earlier in 2025, the FDA informed Travere that an advisory committee is no longer needed for the FSGS sNDA, while keeping the Jan. 13, 2026 target date in place. [7]
If approved, FILSPARI would become the first medication indicated for FSGS, according to the company’s disclosures—an “unmet need” headline that can matter a lot to growth-focused investors. [8]
The clinical narrative investors are leaning on: proteinuria as a meaningful endpoint
Travere has also been steadily reinforcing the clinical case for FILSPARI in FSGS—particularly around proteinuria reduction (protein in the urine), which is widely used in nephrology as a marker associated with kidney outcomes.
In November 2025, Travere highlighted late-breaking analyses from its Phase 3 DUPLEX study presented at ASN Kidney Week. The company reported that a significantly higher share of FILSPARI-treated patients achieved UPCR < 0.7 g/g versus irbesartan (37.5% vs. 21.4%, at any time), with additional week-108 figures also favoring FILSPARI. [9]
Travere also reported that, regardless of treatment arm, patients who reached that threshold were less likely to progress to kidney failure versus those who did not (as described in the company’s release). [10]
The counterweight (and real risk): DUPLEX missed its primary eGFR slope endpoint
Investors should also understand the central debate that has followed FILSPARI’s FSGS program: while DUPLEX met a statistically significant interim proteinuria endpoint, it did not achieve the primary eGFR slope endpoint over 108 weeks—a fact Travere has disclosed in SEC materials. [11]
That nuance matters because the FDA’s decision will signal how the agency is weighing proteinuria-focused evidence and overall benefit-risk in FSGS at this point in time.
Fundamentals: FILSPARI sales growth and a profitability inflection reshaped the 2025 TVTX story
TVTX’s December momentum is also backed by concrete financial execution.
In its Q3 2025 update, Travere reported:
- FILSPARI U.S. net product sales of $90.9 million, up 155% year over year. [12]
- Total Q3 2025 revenue of $164.9 million, including U.S. net product sales of $113.2 million and milestone/license items described by the company. [13]
- Non-GAAP adjusted net income of $52.8 million, or $0.59 per basic share, versus an adjusted loss a year earlier. [14]
- Cash, cash equivalents, and marketable securities of $254.5 million as of Sept. 30, 2025 (excluding a milestone payment received in October, per the release). [15]
The company also described steps to strengthen its balance sheet, including retiring remaining 2025 convertible notes (as referenced in the Q3 release). [16]
From a market psychology standpoint, this kind of commercial acceleration can change what investors “allow” a biotech stock to be. TVTX increasingly trades less like a binary clinical lottery ticket and more like a company with a growing marketed franchise—and an added regulatory upside option.
A regulatory detail that quietly helped FILSPARI’s commercial runway: eased REMS monitoring
Another tailwind that has come up repeatedly in 2025’s TVTX narrative is the FDA’s modification to FILSPARI’s REMS requirements.
Travere disclosed that in August 2025 the FDA approved a REMS modification that reduced the frequency of liver monitoring requirements to every three months and removed certain embryo-fetal toxicity monitoring requirements under the REMS program. [17]
This matters commercially because therapies that are simpler to prescribe and monitor often face fewer real-world adoption frictions—especially in community settings.
Insider activity: a December Form 4 sale (and why it may not mean much by itself)
In mid-December, Travere disclosed an insider sale: a Form 4 filed with the SEC shows the company’s SVP and Chief Accounting Officer sold 2,910 shares at $36 on Dec. 15, 2025, leaving 45,635 shares beneficially owned, and the filing indicates it was made pursuant to a 10b5-1 plan adopted earlier in 2025. [18]
Insider sales can spook investors when they’re large or clustered. But smaller, pre-planned sales under 10b5-1 plans are common and, standing alone, are usually less informative than operational results or FDA outcomes.
Analyst forecasts and price targets: the “easy upside” has shrunk after the December spike
Heading into the Dec. 24 jump, many consensus price targets were clustered in the high-$30s to low-$40s, with bullish outliers in the high-$40s. After a sharp move into the $40 range, the debate shifts from “is there upside?” to “how much upside is left without another catalyst?”
Here’s how several widely followed aggregators framed the Street’s outlook:
- TipRanks showed an average 12‑month price target around $42, with a $49 high and $31 low, and a consensus view labeled Strong Buy (based on the ratings it tracks). [19]
- StockAnalysis listed an average target around $37.21 with a target range of $25 to $47, while still displaying a Strong Buy consensus label—highlighting how methodology and update timing can shift the “average” meaningfully. [20]
- MarketBeat published an average target around $38.71 (high $48, low $25) and a “Moderate Buy” consensus—again underscoring cross-provider differences. [21]
The key takeaway for readers: after TVTX’s run-up, many “average” targets are now close to where the stock is trading, meaning future upside likely depends on upward estimate revisions—which, in turn, would likely require one of the following:
- A favorable FDA outcome in FSGS,
- Clear evidence FILSPARI’s growth trajectory is accelerating faster than modeled, or
- Additional pipeline catalysts.
The longer arc: TVTX didn’t just rally on hope—2025 delivered measurable momentum
As of Dec. 24, 2025, Yahoo Finance data indicated TVTX had logged an eye-catching year-to-date return above 100% (based on its performance metrics shown for that date). [22]
That kind of annual performance tends to draw a broader investor base: momentum screens, generalist funds, and traders who may not have followed kidney-disease biotech closely until the chart started making noise.
Risks that still matter (even after a headline-grabbing rally)
For all the optimism, a responsible TVTX stock analysis has to name the monsters under the bed:
- Regulatory risk in FSGS remains real. Travere has disclosed that DUPLEX did not hit its primary eGFR slope endpoint, and the FDA’s January 2026 decision will show how that tradeoff is being judged. [23]
- Biotech stocks can move violently in both directions, especially into binary events—made even more extreme during thin liquidity windows like holiday sessions. [24]
- Commercial execution must keep compounding. The market tends to reward rare-disease launches for consistency: payer access, prescriber expansion, refill persistence, and durable growth rates quarter after quarter. Travere’s Q3 numbers were strong, but the bar rises when a stock reprices higher. [25]
Bottom line on Dec. 24, 2025: TVTX is trading like a company approaching its next “defining week”
Travere Therapeutics stock is finishing the year with a powerful signal: investors are willing to pay up for a rare-disease commercial story when near-term regulatory optionality is still on the table.
The market’s message on Dec. 24 looks straightforward:
- FILSPARI’s commercial ramp has become difficult to ignore. [26]
- The January 13, 2026 FDA date in FSGS is close enough to matter now. [27]
- And after the stock’s move into the $40s, expectations are tightening—putting even more weight on execution and the upcoming FDA decision.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. ca.investing.com, 5. apnews.com, 6. ir.travere.com, 7. www.sec.gov, 8. www.sec.gov, 9. ir.travere.com, 10. ir.travere.com, 11. www.sec.gov, 12. ir.travere.com, 13. ir.travere.com, 14. ir.travere.com, 15. ir.travere.com, 16. ir.travere.com, 17. ir.travere.com, 18. www.sec.gov, 19. www.tipranks.com, 20. stockanalysis.com, 21. www.marketbeat.com, 22. finance.yahoo.com, 23. www.sec.gov, 24. apnews.com, 25. ir.travere.com, 26. ir.travere.com, 27. www.sec.gov
