Travere jumps on US FDA's nod to skip advisory panel for kidney disease drug

Shares of drug developer Travere Therapeutics TVTX.O rise 30% to more than three-year high of $28.07

Stock set for its biggest one-day pct. gain in over 10 years, if gains hold

Co says U.S. FDA no longer needs advisory committee meeting for supplemental application of its kidney disease drug, Filspari, for treatment of focal segmental glomerulosclerosis, a rare kidney disease

Co is seeking expanded approval for Filspari, with target decision date of January 13

*"Removal of this step further reduces uncertainty and reinforces our confidence in what we continue to view as a >$2Bn US commercial opportunity in FSGS, where Filspari would be the first FDA-approved therapy for this rare kidney disorder," Guggenheim analyst Vamil Divan says

Filspari, approved in 2023 for IgA nephropathy, carries boxed warnings for liver damage and birth defects

Including session's moves, stock up 58% YTD