Bank of America Trims Travere Therapeutics (NASDAQ:TVTX) Target Price to $18.00

Travere Therapeutics (NASDAQ:TVTX) had its price target decreased by Bank of America from $19.00 to $18.00 in a research report released on Friday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. lifted their price target on Travere Therapeutics from $20.00 to $23.00 and gave the company an overweight rating in a research note on Friday, September 13th. Citigroup boosted their price objective on Travere Therapeutics from $14.00 to $23.00 and gave the stock a buy rating in a research report on Friday, September 6th. Guggenheim upgraded Travere Therapeutics from a neutral rating to a buy rating and set a $25.00 price objective on the stock in a research report on Monday, September 9th. Canaccord Genuity Group boosted their price objective on Travere Therapeutics from $18.00 to $23.00 and gave the stock a buy rating in a research report on Tuesday, September 10th. Finally, Barclays boosted their price objective on Travere Therapeutics from $12.00 to $14.00 and gave the stock an overweight rating in a research report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Travere Therapeutics currently has a consensus rating of Moderate Buy and a consensus price target of $16.82.

Travere Therapeutics Stock Performance

NASDAQ:TVTX opened at $14.01 on Friday. The stock has a 50 day simple moving average of $10.66 and a 200 day simple moving average of $8.45. Travere Therapeutics has a 1-year low of $5.12 and a 1-year high of $15.36. The company has a current ratio of 3.04, a quick ratio of 2.99 and a debt-to-equity ratio of 24.96. The stock has a market cap of $1.07 billion, a P/E ratio of -6.67 and a beta of 0.71.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.03). Travere Therapeutics had a negative return on equity of 269.18% and a negative net margin of 82.14%. The company had revenue of $54.12 million for the quarter, compared to the consensus estimate of $49.50 million. Research analysts anticipate that Travere Therapeutics will post -3.95 earnings per share for the current year.

Insider Activity

In other news, SVP William E. Rote sold 4,387 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $11.52, for a total transaction of $50,538.24. Following the sale, the senior vice president now owns 84,455 shares in the company, valued at approximately $972,921.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP William E. Rote sold 4,387 shares of Travere Therapeutics stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $11.52, for a total value of $50,538.24. Following the completion of the transaction, the senior vice president now owns 84,455 shares of the company’s stock, valued at approximately $972,921.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Christopher R. Cline sold 2,490 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $11.52, for a total value of $28,684.80. Following the completion of the transaction, the chief financial officer now owns 74,595 shares of the company’s stock, valued at approximately $859,334.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,707 shares of company stock worth $352,712. Corporate insiders own 3.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Travere Therapeutics by 203.0% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 615,000 shares of the company’s stock worth $5,055,000 after purchasing an additional 412,000 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Travere Therapeutics during the second quarter worth approximately $291,000. Forefront Analytics LLC increased its stake in Travere Therapeutics by 10.2% during the second quarter. Forefront Analytics LLC now owns 13,317 shares of the company’s stock worth $109,000 after acquiring an additional 1,237 shares during the last quarter. Millennium Management LLC increased its stake in Travere Therapeutics by 33.9% during the second quarter. Millennium Management LLC now owns 2,949,335 shares of the company’s stock worth $24,244,000 after acquiring an additional 747,406 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Travere Therapeutics by 55.7% during the second quarter. AQR Capital Management LLC now owns 74,069 shares of the company’s stock worth $609,000 after acquiring an additional 26,485 shares during the last quarter.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc, a biopharmaceutical company, identifies, develops, and delivers therapies to people living with rare kidney and metabolic diseases. Its products include FILSPARI (sparsentan), a once-daily, oral medication designed to target two critical pathways in the disease progression of IgA Nephropathy (endothelin 1 and angiotensin-II); and Thiola and Thiola EC (tiopronin tablets) for the treatment of cystinuria, a rare genetic cystine transport disorder that causes high cystine levels in the urine and the formation of recurring kidney stones.