Retrophin: Thesis Falls Back To Sparsentan

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About: Retrophin, Inc. (RTRX)
by: ONeil Trader
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Summary

Retrophin had two assets disappear from its pipeline this year.

Fosmetpantotenate failed the phase 3 study in PKAN patients and the company gave up on CNSA-001 after seeing (and not sharing) phase 2 results.

I don't see the commercial portfolio as an upside driver for the stock.

This leaves sparsentan as the only upside driver in the medium term, but first phase 3 trial will report results in 1H 2021; that's too far to matter.

Retrophin's financials weakened in 2019 and the company has less capacity to do M&A and expand its pipeline.

2019 was not kind to Retrophin (RTRX). The company made little progress on the commercial front, though it got the new version of Thiola approved by the FDA, and that’s about it on