Travere Therapeutics (NASDAQ:TVTX) Sets New 52-Week High After Analyst Upgrade

Travere Therapeutics, Inc. (NASDAQ:TVTX) reached a new 52-week high during mid-day trading on Monday after Wedbush raised their price target on the stock from $55.00 to $61.00. Wedbush currently has an outperform rating on the stock. Travere Therapeutics traded as high as $56.47 and last traded at $56.6440, with a volume of 96419 shares. The stock had previously closed at $55.15.

Other analysts have also issued research reports about the company. Citigroup increased their price objective on Travere Therapeutics from $62.00 to $70.00 and gave the company a “buy” rating in a report on Monday, June 15th. Wells Fargo & Company boosted their target price on Travere Therapeutics from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Guggenheim upped their target price on Travere Therapeutics from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Friday, April 24th. TD Cowen increased their price target on Travere Therapeutics from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, Canaccord Genuity Group raised their price target on Travere Therapeutics from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Travere Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $51.33.

Insider Activity at Travere Therapeutics

In other news, Director Roy D. Baynes sold 4,500 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.00, for a total value of $225,000.00. Following the completion of the transaction, the director owned 41,500 shares of the company’s stock, valued at $2,075,000. The trade was a 9.78% decrease in their position. The sale was disclosed in a filing with the SEC, 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 2,763 shares of the company’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total value of $121,433.85. Following the completion of the sale, the insider owned 115,474 shares in the company, valued at $5,075,082.30. The trade was a 2.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 404,515 shares of company stock worth $16,340,228 in the last three months. Company insiders own 4.44% of the company’s stock.

Institutional Investors Weigh In On Travere Therapeutics

Several hedge funds have recently bought and sold shares of TVTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Travere Therapeutics by 13.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company’s stock worth $1,029,000 after purchasing an additional 6,831 shares during the period. Norges Bank purchased a new stake in Travere Therapeutics during the second quarter worth $1,051,000. First Trust Advisors LP acquired a new stake in Travere Therapeutics during the second quarter valued at $3,538,000. Cresset Asset Management LLC grew its position in Travere Therapeutics by 26.5% during the second quarter. Cresset Asset Management LLC now owns 28,875 shares of the company’s stock valued at $427,000 after buying an additional 6,047 shares during the period. Finally, Qube Research & Technologies Ltd increased its holdings in Travere Therapeutics by 106.2% in the second quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company’s stock valued at $8,941,000 after buying an additional 311,137 shares in the last quarter.

Travere Therapeutics Stock Up 1.5%

The business’s fifty day simple moving average is $44.01 and its two-hundred day simple moving average is $35.91. The company has a market cap of $5.21 billion, a PE ratio of -243.39 and a beta of 1.13. The company has a debt-to-equity ratio of 3.16, a current ratio of 3.13 and a quick ratio of 3.08.

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

Travere Therapeutics Company Profile

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.