Travere Therapeutics (NASDAQ:TVTX) Sets New 1-Year High – Time to Buy?

Travere Therapeutics, Inc. (NASDAQ:TVTX) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $67.50 and last traded at $67.12, with a volume of 1214397 shares. The stock had previously closed at $67.01.

Analyst Ratings Changes

A number of equities research analysts have recently commented on TVTX shares. Wells Fargo & Company increased their target price on shares of Travere Therapeutics from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Piper Sandler reaffirmed an “overweight” rating on shares of Travere Therapeutics in a research note on Monday, August 17th. Wall Street Zen cut shares of Travere Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. HC Wainwright increased their price objective on shares of Travere Therapeutics from $57.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, Weiss Ratings lowered shares of Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 23rd. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.67.

Travere Therapeutics Stock Performance

The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The company has a market cap of $6.19 billion, a price-to-earnings ratio of -142.76 and a beta of 1.12. The firm has a 50 day simple moving average of $59.34 and a 200-day simple moving average of $44.84.

Travere Therapeutics (NASDAQ:TVTX) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate 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 return on equity of 55.15% and a negative net margin of 7.35%.The company’s quarterly revenue was up 48.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.13 EPS. As a group, analysts predict that Travere Therapeutics, Inc. will post -0.56 EPS for the current fiscal year.

Insider Activity

In other Travere Therapeutics news, Director Timothy Coughlin sold 10,000 shares of Travere Therapeutics stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $50.07, for a total transaction of $500,700.00. Following the completion of the sale, the director directly owned 56,250 shares in the company, valued at $2,816,437.50. This trade represents a 15.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 4,500 shares of Travere Therapeutics stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $50.00, for a total transaction of $225,000.00. Following the sale, the director owned 41,500 shares of the company’s stock, valued at approximately $2,075,000. This represents a 9.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.44% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Travere Therapeutics

A number of hedge funds have recently made changes to their positions in TVTX. Jupiter Topco LLC purchased a new stake in Travere Therapeutics in the second quarter valued at approximately $643,299,000. California State Teachers Retirement System boosted its position in shares of Travere Therapeutics by 5,062.4% during the second quarter. California State Teachers Retirement System now owns 5,427,287 shares of the company’s stock worth $308,324,000 after buying an additional 5,322,155 shares during the period. State Street Corp boosted its position in shares of Travere Therapeutics by 47.8% during the fourth quarter. State Street Corp now owns 4,756,666 shares of the company’s stock worth $181,752,000 after buying an additional 1,538,827 shares during the period. Bank of America Corp DE acquired a new stake in shares of Travere Therapeutics in the second quarter valued at $259,527,000. Finally, Perceptive Advisors LLC grew its stake in shares of Travere Therapeutics by 12.7% in the fourth quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company’s stock valued at $163,469,000 after buying an additional 483,565 shares in the last quarter.

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.