Travere Therapeutics (NASDAQ:TVTX) Sets New 1-Year High Following Analyst Upgrade

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) reached a new 52-week high on Wednesday after Wedbush raised their price target on the stock from $61.00 to $75.00. Wedbush currently has an outperform rating on the stock. Travere Therapeutics traded as high as $62.75 and last traded at $61.9330, with a volume of 5037 shares traded. The stock had previously closed at $56.02.

A number of other equities analysts have also recently commented on TVTX. Guggenheim boosted their price target on shares of Travere Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday. Wells Fargo & Company lifted their price objective on shares of Travere Therapeutics from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Weiss Ratings lowered shares of Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 23rd. Wall Street Zen cut Travere Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Evercore restated an “outperform” rating on shares of Travere Therapeutics in a research report on Wednesday. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $60.18.

Insider Buying and Selling at Travere Therapeutics

In other Travere Therapeutics news, Director Roy D. Baynes sold 4,500 shares of Travere Therapeutics stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $50.00, for a total transaction of $225,000.00. Following the sale, the director directly owned 41,500 shares of the company’s stock, valued at approximately $2,075,000. The trade was a 9.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.07, for a total value of $500,700.00. Following the transaction, the director directly owned 56,250 shares of the company’s stock, valued at approximately $2,816,437.50. This trade represents a 15.09% 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. Insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. State Street Corp grew its holdings in shares of Travere Therapeutics by 47.8% in the fourth quarter. State Street Corp now owns 4,756,666 shares of the company’s stock valued at $181,752,000 after purchasing an additional 1,538,827 shares in the last quarter. Perceptive Advisors LLC increased its position in Travere Therapeutics by 12.7% during the fourth quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company’s stock valued at $163,469,000 after acquiring an additional 483,565 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in Travere Therapeutics by 27.4% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 2,784,000 shares of the company’s stock valued at $41,203,000 after purchasing an additional 599,102 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Travere Therapeutics by 28.2% during the fourth quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company’s stock valued at $85,849,000 after buying an additional 494,665 shares during the last quarter. Finally, Rock Springs Capital Management LP grew its position in Travere Therapeutics by 2.1% in the 4th quarter. Rock Springs Capital Management LP now owns 2,210,322 shares of the company’s stock valued at $84,456,000 after acquiring an additional 45,549 shares during the last quarter.

Travere Therapeutics Stock Down 0.5%

The company’s 50 day moving average is $54.60 and its 200 day moving average is $41.14. The company has a market cap of $5.89 billion, a PE ratio of -135.76 and a beta of 1.12. The company has a current ratio of 4.05, a quick ratio of 3.08 and a debt-to-equity ratio of 24.58.

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 the consensus estimate of ($0.24) by $0.29. The company had revenue of $127.20 million for the quarter, compared to analysts’ expectations of $136.23 million. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The firm’s quarterly revenue was up 55.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.47) EPS. As a group, analysts predict that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current fiscal 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.