JMP Securities analyst Liisa Bayko reiterated a Market Outperform rating and $26 price target on Retrophin after the company reported preliminary Q4 revenue. Bayko said that preliminary Q4 sales of $47M were "just above" her and consensus estimates, and though she does not know the breakdown by product, she assumes Thiola is the largest contributor to the top line. The analyst added that she continues to view Retrophin's three commercial assets "positively" as they provide a source of organic revenue to fund the later-stage sparsentan programs that make up the majority of her valuation. Bayko also said she remains confident in sparsentan and continues to like this opportunity.