JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Travere Therapeutics (NASDAQ:TVTX) Stock

Travere Therapeutics (NASDAQ:TVTX) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $42.00 to $44.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 104.51% from the stock’s previous close.

A number of other analysts also recently commented on TVTX. Piper Sandler increased their price objective on shares of Travere Therapeutics from $12.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Scotiabank raised their target price on Travere Therapeutics from $27.00 to $32.00 and gave the company a “sector outperform” rating in a report on Wednesday, February 12th. Cantor Fitzgerald reissued an “overweight” rating on shares of Travere Therapeutics in a research report on Friday, February 21st. Citigroup raised their price objective on shares of Travere Therapeutics from $31.00 to $35.00 and gave the stock a “buy” rating in a report on Monday. Finally, HC Wainwright lifted their target price on shares of Travere Therapeutics from $18.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.62.

Travere Therapeutics Stock Up 4.2 %

Travere Therapeutics stock traded up $0.87 during midday trading on Wednesday, reaching $21.52. The company’s stock had a trading volume of 545,938 shares, compared to its average volume of 1,632,141. The company has a debt-to-equity ratio of 24.96, a current ratio of 1.71 and a quick ratio of 1.68. The stock’s 50-day simple moving average is $19.82 and its 200-day simple moving average is $16.86. Travere Therapeutics has a 52-week low of $5.12 and a 52-week high of $25.29. The stock has a market capitalization of $1.68 billion, a P/E ratio of -5.23 and a beta of 0.72.

Travere Therapeutics (NASDAQ:TVTX) last announced its quarterly earnings results on Thursday, February 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($0.15). The company had revenue of $74.79 million for the quarter, compared to analysts’ expectations of $72.38 million. Travere Therapeutics had a negative net margin of 137.90% and a negative return on equity of 1,636.87%. On average, sell-side analysts expect that Travere Therapeutics will post -1.4 EPS for the current year.

Insider Activity

In other news, SVP William E. Rote sold 2,437 shares of Travere Therapeutics stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $19.46, for a total value of $47,424.02. Following the transaction, the senior vice president now directly owns 83,170 shares of the company’s stock, valued at $1,618,488.20. The trade was a 2.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Sandra Calvin sold 54,244 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $25.00, for a total transaction of $1,356,100.00. Following the completion of the transaction, the chief accounting officer now directly owns 54,410 shares in the company, valued at approximately $1,360,250. This represents a 49.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 206,335 shares of company stock valued at $4,453,012 over the last 90 days. Insiders own 4.06% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Rock Springs Capital Management LP grew its holdings in Travere Therapeutics by 6.2% in the 4th quarter. Rock Springs Capital Management LP now owns 4,973,649 shares of the company’s stock worth $86,641,000 after buying an additional 289,173 shares in the last quarter. Renaissance Technologies LLC boosted its position in Travere Therapeutics by 28.5% during the 4th quarter. Renaissance Technologies LLC now owns 2,409,514 shares of the company’s stock worth $41,974,000 after acquiring an additional 534,500 shares during the period. Driehaus Capital Management LLC boosted its stake in shares of Travere Therapeutics by 608.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,217,975 shares of the company’s stock valued at $38,637,000 after buying an additional 1,904,733 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in shares of Travere Therapeutics by 36.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,174,213 shares of the company’s stock worth $37,875,000 after purchasing an additional 583,836 shares in the last quarter. Finally, Emerald Advisers LLC increased its position in Travere Therapeutics by 8.4% during the fourth quarter. Emerald Advisers LLC now owns 2,125,744 shares of the company’s stock worth $37,030,000 after buying an additional 165,085 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.