Travere Therapeutics (NASDAQ:TVTX) Earns Outperform Rating from Wedbush

Travere Therapeutics (NASDAQ:TVTX)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a research note issued on Tuesday, Benzinga reports. They currently have a $76.00 price target on the stock. Wedbush’s price target points to a potential upside of 20.90% from the company’s current price.

A number of other equities research analysts have also recently commented on TVTX. Guggenheim raised their target price on Travere Therapeutics from $65.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Wells Fargo & Company increased their price target on Travere Therapeutics from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Piper Sandler restated an “overweight” rating on shares of Travere Therapeutics in a research report on Monday, August 17th. HC Wainwright reiterated a “buy” rating and set a $67.00 target price on shares of Travere Therapeutics in a research report on Tuesday. Finally, Citigroup lifted their price target on shares of Travere Therapeutics from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $68.10.

Travere Therapeutics Trading Up 0.2%

Travere Therapeutics stock opened at $62.86 on Tuesday. Travere Therapeutics has a 52 week low of $22.06 and a 52 week high of $68.73. The stock has a 50-day moving average price of $61.89 and a 200 day moving average price of $48.98. The company has a quick ratio of 3.99, a current ratio of 4.05 and a debt-to-equity ratio of 24.58. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of -136.65 and a beta of 1.05.

Travere Therapeutics (NASDAQ:TVTX) last posted its earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.03. The company had revenue of $169.58 million during the quarter, compared to the consensus estimate of $157.27 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 48.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.13 earnings per share. Sell-side analysts anticipate that Travere Therapeutics will post -0.54 EPS for the current year.

Insider Transactions at Travere Therapeutics

In other Travere Therapeutics news, EVP Jula Inrig sold 44,674 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $62.34, for a total value of $2,784,977.16. Following the transaction, the executive vice president owned 100,491 shares in the company, valued at approximately $6,264,608.94. This trade represents a 30.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William Rote sold 112,850 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $63.33, for a total transaction of $7,146,790.50. Following the completion of the transaction, the insider directly owned 98,197 shares in the company, valued at approximately $6,218,816.01. This represents a 53.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,050,294 shares of company stock worth $66,336,443 in the last quarter. 4.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Travere Therapeutics

A number of large investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new stake in shares of Travere Therapeutics in the second quarter valued at approximately $70,000. JW Asset Management LLC purchased a new stake in Travere Therapeutics in the 2nd quarter valued at $1,704,000. Nykredit A S acquired a new stake in shares of Travere Therapeutics in the 2nd quarter worth $237,000. Allianz Asset Management GmbH purchased a new position in shares of Travere Therapeutics during the 2nd quarter worth $2,441,000. Finally, Corient Private Wealth LP boosted its position in shares of Travere Therapeutics by 1.4% during the 2nd quarter. Corient Private Wealth LP now owns 48,125 shares of the company’s stock valued at $2,734,000 after acquiring an additional 648 shares during the last quarter.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare kidney and immune-mediated diseases. The company’s work is centered on conditions with significant unmet medical needs, including diseases that can lead to progressive kidney damage and kidney failure.

Travere’s principal commercial product is FILSPARI (sparsentan), an oral therapy for adults with primary immunoglobulin A nephropathy, or IgA nephropathy, who are at risk of disease progression.