Travere (TVTX) is a Biotech I wrote on in late August with options activity suggesting a move higher and shares have since doubled. TVTX has now seen accumulation in December 2025 $15 calls with 6,880 currently in open interest valued over $5M with a mix of opening buys and sales. TVTX recently priced a 7.81M secondary at $16. TVTX also still has the 5800 December 2025 $10 short puts in open interest.

TVTX background can be read here: https://optionshawk.com/member_content/31911/

Scotia recently raised its target to $27 citing strength of Filspari’s ongoing launch in IgA nephropathy, or Berger’s Disease. Wells Fargo upgraded to Overweight with a $27 target on 10/21 highlighting optimism around another indication called FSGS, driven by an independent group PARASOL. Travere’s position in IgAN is strong and the stock is meaningfully undervalued

TVTX now has a $1.63B market cap trading 5.9X Cash and 2.5X FY27 expected sales making it quite cheap and a potential M&A target.