Travere Therapeutics (NASDAQ:TVTX) Shares Gap Down – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $62.86, but opened at $60.37. Travere Therapeutics shares last traded at $61.2310, with a volume of 306,408 shares trading hands.

Wall Street Analysts Forecast Growth

TVTX has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating and issued a $67.00 price target on shares of Travere Therapeutics in a report on Tuesday. Piper Sandler reaffirmed an “overweight” rating on shares of Travere Therapeutics in a research note on Monday, August 17th. Guggenheim lifted their price objective on Travere Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Wells Fargo & Company boosted their target price on shares of Travere Therapeutics from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Travere Therapeutics in a report on Friday. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $68.10.

Travere Therapeutics Price Performance

The company has a 50 day simple moving average of $61.89 and a 200 day simple moving average of $48.98. The company has a quick ratio of 3.99, a current ratio of 4.05 and a debt-to-equity ratio of 24.58. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of -133.29 and a beta of 1.05.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.03. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The company had revenue of $169.58 million during the quarter, compared to the consensus estimate of $157.27 million. During the same period in the previous year, the firm earned $0.13 earnings per share. Travere Therapeutics’s revenue for the quarter was up 48.2% on a year-over-year basis. As a group, research analysts predict that Travere Therapeutics, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling at Travere Therapeutics

In other Travere Therapeutics news, CEO Eric M. Dube sold 195,841 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $63.45, for a total transaction of $12,426,111.45. Following the completion of the sale, the chief executive officer owned 432,886 shares in the company, valued at $27,466,616.70. This trade represents a 31.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William E. Rote sold 112,850 shares of Travere Therapeutics stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $63.33, for a total transaction of $7,146,790.50. Following the completion of the sale, the insider owned 98,197 shares of the company’s stock, valued at approximately $6,218,816.01. This trade represents a 53.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,050,294 shares of company stock valued at $66,336,443. 4.44% of the stock is owned by company insiders.

Institutional Trading of Travere Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Travere Therapeutics by 53.4% in the second quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock valued at $34,000 after acquiring an additional 211 shares in the last quarter. Corient Private Wealth LP raised its position in Travere Therapeutics by 1.4% in the 2nd quarter. Corient Private Wealth LP now owns 48,125 shares of the company’s stock valued at $2,734,000 after purchasing an additional 648 shares during the last quarter. ProShare Advisors LLC raised its stake in Travere Therapeutics by 4.1% during the 4th quarter. ProShare Advisors LLC now owns 19,007 shares of the company’s stock valued at $726,000 after acquiring an additional 756 shares during the last quarter. Allworth Financial LP purchased a new position in Travere Therapeutics in the 2nd quarter valued at $47,000. Finally, Swiss National Bank boosted its holdings in shares of Travere Therapeutics by 0.6% in the first quarter. Swiss National Bank now owns 168,100 shares of the company’s stock valued at $4,994,000 after acquiring an additional 1,000 shares in the last quarter.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare kidney and immune-mediated diseases. The company’s work is centered on conditions with significant unmet medical needs, including diseases that can lead to progressive kidney damage and kidney failure.

Travere’s principal commercial product is FILSPARI (sparsentan), an oral therapy for adults with primary immunoglobulin A nephropathy, or IgA nephropathy, who are at risk of disease progression.