Travere Therapeutics is downgraded from Buy to Hold after a >130% rally, reflecting competitive risks and valuation concerns. Filspari's Q2 net sales surged 96% YoY to $141M, but $3B+ peak sales guidance faces new competition in IgAN and FSGS markets. TVTX's pipeline expansion with civorebrutinib and pegtibatinase targets rare kidney and metabolic diseases, but both remain early-stage with uncertain timelines.