TVTX is heading for its worst day since September 2023
Biotech stock Travere Therapeutics Inc (NASDAQ:TVTX) is plummeting today, down 32.8% to trade at $22.92 at last glance, after news that the Food & Drug Administration (FDA) has new questions regarding its Filspari application, which could cause a potential delay for the serious kidney disease treatment. The market is brushing off the company's strong fourth-quarter sales, which closed out "an exceptional year of commercial execution with Filspari," per President and CEO Eric Dube, Ph. D.
Should these losses hold, it will be Traverse Therapeutics stock's largest single-day percentage loss since Sept. 2023. On the charts, today's bear gap has TVTX falling to its lowest levels since Sept. 2025, moving sharply away from its Dec. 24, record high of $42.03. Year over year, the equity is still holding on to a 25.9% lead.
Options traders are chiming amid the volatility. So far, TVTX has seen 6,295 calls and 23,000 puts exchanged today -- 21 times the average daily options volume already. The January 16, 2026 17.50-strike put is the most popular, with new positions being opened there. Notably, the stock has landed on the short sell restricted (SSR) list today.
Puts were more popular than usual leading up to today, too. Travere Therapeutics stock's 10-day put/call volume ratio of 1.49 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 93% of readings from the past year.