Tuesday's IBD 50 Stocks To Watch pick is biotech stock Travere Therapeutics (TVTX), which is pulling back to a key support level. That makes the kidney disease leader one of the best ideas to watch right now.

In early October, Travere jumped to new highs after a group of experts suggested an alternative means of measuring the success of treatments for a kidney disease.

The biotech company is working on a treatment for focal segmental glomerulosclerosis, or FSGS. In this condition, the kidney's filtering units become scarred or hardened. This leads to protein in the urine — called proteinuria — along with kidney failure and other complications.

In early September, Travere received full Food and Drug Administration approval for its kidney disease treatment, Filspari. Under the previous approval, doctors could use Filspari in the roughly 30,000 to 50,000 patients at risk for "rapid progression" of their disease.

The FDA removed that requirement, expanding the market to north of 70,000 patients in the U.S. with Immunoglobin A, or IgA. Also known as Berger's disease, it's a chronic condition that occurs when IgA protein builds up in the kidneys.

In the latest quarter, reported on Oct. 31, Travere Therapeutics narrowed its per-share loss to 46 cents compared with a year-ago loss of 87 cents a share. Sales climbed 70% to $62.9 million.

For the full year, Wall Street forecasts the company to lose $3.93 per share before cutting that loss to $1.16 per share in 2025, per IBD MarketSurge.

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Kidney Disease Stock Pulls Back

On Nov. 11, Travere stock hit a 52-week high at 20.33. That's nearly 300% above its 52-week low at 5.12, which was set on April 25. Following that huge rally, shares are pulling back to their 10-week line. A strong rebound from that level would place the kidney disease leader in a new buy area.

Conversely, a sharp fall through that level would be a sell signal, an indication that investors are locking in substantial gains after the big move higher.

Bullishly, the stock's relative strength line hit a new high in recent weeks. That confirms the stock is beating the performance of the S&P 500.

Despite strong price action in recent months, Travere Therapeutics stock maintains a modest 80 out of a best-possible 99 Composite Rating from Investor's Business Daily, according to IBD Stock Checkup. That's because the biotech stock doesn't have a long-term track record of earnings growth.

Finally, while the stock market has retreated in recent sessions, IBD has maintained an exposure level of 80%-100%.

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Other Stocks To Keep An Eye On

Three recent IBD 50 Growth Stocks To Watch picks are among the best stocks to buy and watch.

Source: IBD Data as of Nov. 19

Follow Scott Lehtonen on X at @IBD_SLehtonen for more on the best stocks to buy and watch and the Dow Jones Industrial Average.

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