Travere Therapeutics (NASDAQ:TVTX) Stock Bumped Down to “Strong Sell” by Zacks Research

Travere Therapeutics (NASDAQ:TVTX) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday, Zacks reports.

Other research analysts also recently issued research reports about the stock. Canaccord Genuity Group raised their target price on shares of Travere Therapeutics from $62.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Guggenheim boosted their price target on shares of Travere Therapeutics from $75.00 to $89.00 and gave the stock a “buy” rating in a research report on Thursday, September 24th. Citigroup boosted their price target on shares of Travere Therapeutics from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. HC Wainwright restated a “buy” rating and set a $67.00 price objective on shares of Travere Therapeutics in a research note on Tuesday, September 22nd. Finally, Evercore set a $78.00 price objective on Travere Therapeutics in a report on Monday, August 10th. Ten research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $69.50.

Travere Therapeutics Price Performance

NASDAQ TVTX opened at $52.58 on Tuesday. The company has a quick ratio of 3.99, a current ratio of 4.05 and a debt-to-equity ratio of 24.58. Travere Therapeutics has a 12-month low of $22.59 and a 12-month high of $68.73. The company has a market capitalization of $4.96 billion, a PE ratio of -114.30 and a beta of 1.13. The firm’s 50 day moving average is $60.89 and its 200-day moving average is $53.23.

Travere Therapeutics (NASDAQ:TVTX) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. The business had revenue of $169.58 million for the quarter, compared to analyst estimates of $157.27 million. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The firm’s revenue for the quarter was up 48.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 earnings per share. Equities research analysts anticipate that Travere Therapeutics will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Jula Inrig sold 44,674 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $62.34, for a total value of $2,784,977.16. Following the completion of the sale, the executive vice president owned 100,491 shares of the company’s stock, valued at approximately $6,264,608.94. This represents a 30.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric M. Dube sold 243,735 shares of the firm’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $53.82, for a total transaction of $13,117,817.70. Following the completion of the transaction, the chief executive officer directly owned 432,886 shares of the company’s stock, valued at $23,297,924.52. This represents a 36.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,294,029 shares of company stock worth $79,454,261. Corporate insiders own 4.44% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

A number of institutional investors have recently added to or reduced their stakes in TVTX. GAMMA Investing LLC raised its position in Travere Therapeutics by 53.4% during the second quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock worth $34,000 after acquiring an additional 211 shares in the last quarter. Allworth Financial LP acquired a new stake in Travere Therapeutics in the second quarter valued at $47,000. Fifth Third Bancorp acquired a new stake in Travere Therapeutics in the first quarter valued at $35,000. Integrated Wealth Concepts LLC acquired a new stake in Travere Therapeutics in the second quarter valued at $70,000. Finally, Rockefeller Capital Management L.P. grew its position in shares of Travere Therapeutics by 1,604.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,642 shares of the company’s stock valued at $101,000 after acquiring an additional 2,487 shares during the period.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare diseases, with an emphasis on serious kidney conditions. The company’s work centers on addressing diseases with limited treatment options and improving outcomes for patients with progressive renal disorders.

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