Travere Therapeutics (NASDAQ:TVTX) Hits New 52-Week High – Here’s Why

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $66.38 and last traded at $65.99, with a volume of 187528 shares changing hands. The stock had previously closed at $64.46.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Wedbush increased their price target on shares of Travere Therapeutics from $61.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Guggenheim upped their target price on shares of Travere Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. HC Wainwright upped their target price on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Wells Fargo & Company increased their target price 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. Finally, Citigroup raised their price target on shares of Travere Therapeutics from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Ten 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.67.

Travere Therapeutics Stock Up 1.9%

The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05. The company has a market cap of $6.19 billion, a price-to-earnings ratio of -142.84 and a beta of 1.12. The business has a 50-day simple moving average of $58.12 and a 200-day simple moving average of $43.61.

Travere Therapeutics (NASDAQ:TVTX) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.03. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The business had revenue of $169.58 million during the quarter, compared to analysts’ expectations of $157.27 million. During the same quarter last year, the business posted $0.13 EPS. The business’s quarterly revenue was up 48.2% compared to the same quarter last year. On average, equities analysts anticipate that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Timothy Coughlin sold 10,000 shares of Travere Therapeutics 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 completion of the transaction, the director owned 56,250 shares in the company, valued at $2,816,437.50. The trade was 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 through this hyperlink. 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 stock was sold at an average price of $50.00, for a total transaction of $225,000.00. Following the transaction, the director owned 41,500 shares of the company’s stock, valued at $2,075,000. This trade represents a 9.78% 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. 4.44% of the stock is owned by insiders.

Hedge Funds Weigh In On Travere Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of TVTX. Raymond James Financial Inc. purchased a new position in Travere Therapeutics in the second quarter valued at $33,000. GAMMA Investing LLC lifted its holdings in Travere Therapeutics by 53.4% during the 2nd quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock worth $34,000 after buying an additional 211 shares during the last quarter. Fifth Third Bancorp purchased a new stake in Travere Therapeutics during the 1st quarter worth about $35,000. State of Wyoming acquired a new position in shares of Travere Therapeutics during the 4th quarter worth about $37,000. Finally, Torren Management LLC acquired a new position in shares of Travere Therapeutics during the 4th quarter worth about $38,000.

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.