Travere Therapeutics (NASDAQ:TVTX) Stock Price Down 6.2% – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX) shares dropped 6.2% on Monday . The company traded as low as $32.40 and last traded at $32.4520. Approximately 447,666 shares traded hands during trading, a decline of 79% from the average daily volume of 2,136,920 shares. The stock had previously closed at $34.58.

Analyst Ratings Changes

A number of equities analysts have issued reports on TVTX shares. Piper Sandler raised their price objective on shares of Travere Therapeutics from $26.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday, November 4th. Zacks Research lowered Travere Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Travere Therapeutics in a research note on Wednesday, October 8th. TD Cowen upped their price objective on Travere Therapeutics from $30.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Citigroup raised their target price on Travere Therapeutics from $34.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Thirteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.71.

Travere Therapeutics Trading Down 1.4%

The company has a quick ratio of 2.71, a current ratio of 2.75 and a debt-to-equity ratio of 4.23. The stock has a market capitalization of $3.05 billion, a P/E ratio of -32.17, a price-to-earnings-growth ratio of 1.22 and a beta of 0.85. The company has a fifty day simple moving average of $35.72 and a two-hundred day simple moving average of $26.03.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings data on Thursday, October 30th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.59. Travere Therapeutics had a negative return on equity of 178.68% and a negative net margin of 20.32%.The business had revenue of $164.86 million for the quarter, compared to analysts’ expectations of $106.09 million. During the same quarter in the previous year, the business posted ($0.70) EPS. Travere Therapeutics’s revenue for the quarter was up 162.1% on a year-over-year basis. On average, sell-side analysts expect that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Eric M. Dube sold 92,872 shares of the company’s stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $30.38, for a total value of $2,821,451.36. Following the completion of the transaction, the chief executive officer directly owned 419,173 shares of the company’s stock, valued at approximately $12,734,475.74. This represents a 18.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Christopher R. Cline sold 20,000 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $35.01, for a total value of $700,200.00. Following the transaction, the chief financial officer owned 92,083 shares of the company’s stock, valued at approximately $3,223,825.83. This trade represents a 17.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 323,226 shares of company stock valued at $11,290,656. 4.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Travere Therapeutics by 10.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,613,368 shares of the company’s stock valued at $158,059,000 after buying an additional 619,085 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in shares of 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 worth $41,203,000 after acquiring an additional 599,102 shares in the last quarter. Emerald Advisers LLC raised its holdings in shares of Travere Therapeutics by 2.6% in the third quarter. Emerald Advisers LLC now owns 2,146,767 shares of the company’s stock valued at $51,308,000 after purchasing an additional 55,407 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Travere Therapeutics by 1.4% in the second quarter. Geode Capital Management LLC now owns 2,003,701 shares of the company’s stock worth $29,658,000 after purchasing an additional 27,040 shares in the last quarter. Finally, Stephens Investment Management Group LLC acquired a new position in Travere Therapeutics during the third quarter worth $38,232,000.

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.