Travere Therapeutics (NASDAQ:TVTX) Trading 7.6% Higher on Analyst Upgrade

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s stock price rose 7.6% during mid-day trading on Friday after Wells Fargo & Company raised their price target on the stock from $50.00 to $65.00. Wells Fargo & Company currently has an overweight rating on the stock. Travere Therapeutics traded as high as $52.56 and last traded at $52.6510. Approximately 1,583,253 shares were traded during trading, a decline of 28% from the average daily volume of 2,207,485 shares. The stock had previously closed at $48.91.

Several other research analysts also recently issued reports on TVTX. Wall Street Zen downgraded Travere Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Wedbush reaffirmed an “outperform” rating and set a $55.00 price target on shares of Travere Therapeutics in a research note on Wednesday, June 3rd. HC Wainwright lifted their price target on Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Piper Sandler raised Travere Therapeutics from a “neutral” rating to an “overweight” rating and set a $49.00 price target for the company in a research note on Tuesday, April 14th. Finally, Guggenheim lifted their price target on Travere Therapeutics from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Travere Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $50.17.

Insider Buying and Selling

In other Travere Therapeutics news, insider Jula Inrig sold 2,174 shares of Travere Therapeutics stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $46.65, for a total value of $101,417.10. Following the completion of the sale, the insider owned 113,549 shares in the company, valued at $5,297,060.85. The trade was a 1.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Elizabeth E. Reed sold 2,076 shares of Travere Therapeutics stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total value of $91,240.20. Following the completion of the sale, the insider owned 105,211 shares of the company’s stock, valued at $4,624,023.45. This trade represents a 1.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 400,015 shares of company stock worth $15,895,428 over the last ninety days. Insiders own 4.44% of the company’s stock.

Institutional Trading of Travere Therapeutics

A number of institutional investors have recently modified their holdings of TVTX. Raymond James Financial Inc. purchased a new stake in shares of Travere Therapeutics during the 2nd quarter worth about $33,000. Fifth Third Bancorp purchased a new stake in shares of Travere Therapeutics during the 1st quarter worth about $35,000. State of Wyoming purchased a new stake in shares of Travere Therapeutics during the 4th quarter worth about $37,000. Torren Management LLC purchased a new stake in shares of Travere Therapeutics during the 4th quarter worth about $38,000. Finally, Comerica Bank grew its holdings in shares of Travere Therapeutics by 77.5% during the 4th quarter. Comerica Bank now owns 1,127 shares of the company’s stock worth $43,000 after purchasing an additional 492 shares during the period.

Travere Therapeutics Stock Up 7.1%

The company has a debt-to-equity ratio of 3.16, a quick ratio of 3.08 and a current ratio of 3.13. The firm has a market cap of $4.87 billion, a PE ratio of -228.51 and a beta of 1.13. The stock has a fifty day moving average price of $41.29 and a 200-day moving average price of $35.14.

Travere Therapeutics (NASDAQ:TVTX) last issued its earnings results on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.29. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.The business had revenue of $127.20 million during the quarter, compared to analysts’ expectations of $136.23 million. During the same quarter in the previous year, the business earned ($0.47) EPS. The company’s revenue for the quarter was up 55.6% on a year-over-year basis. Research analysts expect that Travere Therapeutics, Inc. will post -0.29 EPS for the current year.

About Travere Therapeutics

Travere Therapeutics, Inc (NASDAQ: TVTX) is a biopharmaceutical company headquartered in San Diego, California, dedicated to the development and commercialization of therapies for rare kidney and genetic disorders. The company’s mission is to address unmet needs in conditions with limited treatment options by focusing on diseases that affect small patient populations. Travere combines research, development and commercial capabilities to bring innovative medicines to market.

The company’s lead product is sparsentan, a dual endothelin angiotensin receptor antagonist that has received accelerated approval from the U.S.