Travere Therapeutics Inc. shares TVTX dropped 37% premarket on Thursday after the company released data from a late-stage study of Filspari in IgA nephropathy, a rare kidney disease. In a head-to-head study versus irbesartan, Filspari fell short of producing a statistically significant difference by one measure of kidney function, although patients on the treatment had some of the slowest annual rates of kidney function decline seen in IgA nephropathy clinical trials, Travere said in a release. The company expects to apply in the first half of next year for full regulatory approval of Filspari, which was granted accelerated approval by the U.S. Food and Drug Administration early this year. Travere shares are down 39% in the year to date, while the S&P 500 has gained 14.7%.

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