Travere Therapeutics (NASDAQ:TVTX) Sets New 12-Month High on Analyst Upgrade

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) reached a new 52-week high during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $50.00 to $65.00. Wells Fargo & Company currently has an overweight rating on the stock. Travere Therapeutics traded as high as $52.99 and last traded at $52.8090, with a volume of 1418 shares traded. The stock had previously closed at $52.04.

TVTX has been the subject of a number of other reports. Citigroup raised their price objective on Travere Therapeutics from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Wall Street Zen cut Travere Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. lowered their target price on Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Wedbush reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Travere Therapeutics in a research report on Wednesday, June 3rd. Finally, Piper Sandler raised shares of Travere Therapeutics from a “neutral” rating to an “overweight” rating and set a $49.00 price target on the stock in a research report on Tuesday, April 14th. 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, the stock has an average rating of “Moderate Buy” and an average target price of $50.17.

Insider Activity

In other Travere Therapeutics news, CEO Eric M. Dube sold 64,000 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $41.09, for a total value of $2,629,760.00. Following the sale, the chief executive officer owned 432,886 shares of the company’s stock, valued at $17,787,285.74. This trade represents a 12.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jula Inrig sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $45.00, for a total transaction of $900,000.00. Following the completion of the sale, the insider directly owned 111,473 shares in the company, valued at approximately $5,016,285. This trade represents a 15.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 390,015 shares of company stock worth $15,614,528 over the last three months. Company insiders own 4.44% of the company’s stock.

Institutional Trading of Travere Therapeutics

Institutional investors have recently modified their holdings of the business. Palisades Investment Partners LLC acquired a new position in Travere Therapeutics during the fourth quarter worth about $5,264,000. Hennion & Walsh Asset Management Inc. increased its position in shares of Travere Therapeutics by 169.6% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 99,229 shares of the company’s stock worth $3,792,000 after acquiring an additional 62,419 shares in the last quarter. Apis Capital Advisors LLC acquired a new position in shares of Travere Therapeutics during the 3rd quarter valued at $3,967,000. Assenagon Asset Management S.A. boosted its position in Travere Therapeutics by 347.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 417,742 shares of the company’s stock worth $15,962,000 after purchasing an additional 324,387 shares during the period. Finally, Legato Capital Management LLC acquired a new stake in Travere Therapeutics in the 3rd quarter valued at $1,698,000.

Travere Therapeutics Stock Up 1.0%

The firm has a 50-day simple moving average of $41.70 and a 200 day simple moving average of $35.26. The company has a debt-to-equity ratio of 3.16, a current ratio of 3.13 and a quick ratio of 3.08. The company has a market capitalization of $4.89 billion, a PE ratio of -227.49 and a beta of 1.13.

Travere Therapeutics (NASDAQ:TVTX) last announced its earnings results on Monday, May 4th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.24) by $0.29. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.The business had revenue of $127.20 million for the quarter, compared to the consensus estimate of $136.23 million. During the same period last year, the business posted ($0.47) EPS. The company’s revenue was up 55.6% on a year-over-year basis. On average, research analysts predict that Travere Therapeutics, Inc. will post -0.29 EPS for the current fiscal year.

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.