Travere Therapeutics (NASDAQ:TVTX) Hits New 52-Week High Following Analyst Upgrade

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 changing hands. The stock had previously closed at $56.02.

A number of other equities analysts have also commented on TVTX. Citigroup lifted their price objective on Travere Therapeutics from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Evercore reaffirmed an “outperform” rating on shares of Travere Therapeutics in a research report on Wednesday. Wall Street Zen downgraded shares of Travere Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. HC Wainwright raised their target price on Travere Therapeutics from $57.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, 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 report on Wednesday. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.18.

Insider Transactions at Travere Therapeutics

In related news, Director Timothy Coughlin sold 10,000 shares of the company’s stock in a transaction on 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 represents a 15.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 4,500 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.00, for a total value of $225,000.00. Following the transaction, the director directly owned 41,500 shares in the company, valued at $2,075,000. This trade 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. Company insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC bought a new position in Travere Therapeutics in the 2nd quarter valued at approximately $220,000. State of Wyoming bought a new position in shares of Travere Therapeutics in the 2nd quarter worth approximately $479,000. S&CO Inc. bought a new position in Travere Therapeutics in the second quarter worth approximately $3,181,000. GSA Capital Partners LLP bought a new position in Travere Therapeutics in the 2nd quarter worth $528,000. Finally, Handelsbanken Fonder AB bought a new position in shares of Travere Therapeutics in the second quarter worth about $2,102,000.

Travere Therapeutics Price Performance

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

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.29. The business had revenue of $127.20 million during the quarter, compared to the consensus estimate of $136.23 million. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The firm’s revenue for the quarter was up 55.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.47) EPS. As a group, research analysts expect that Travere Therapeutics, Inc. will post -0.56 EPS 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.