Travere Therapeutics (NASDAQ:TVTX) Price Target Raised to $62.00

Travere Therapeutics (NASDAQ:TVTX) had its target price boosted by Canaccord Genuity Group from $56.00 to $62.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also weighed in on TVTX. Wall Street Zen lowered shares of Travere Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. HC Wainwright raised their target price on shares of Travere Therapeutics from $57.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Weiss Ratings downgraded shares of Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 23rd. Wells Fargo & Company lifted their price target on Travere Therapeutics from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Finally, Wedbush boosted their price target on Travere Therapeutics from $55.00 to $61.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.58.

Travere Therapeutics Trading Down 2.4%

NASDAQ TVTX opened at $55.89 on Thursday. Travere Therapeutics has a 12 month low of $15.03 and a 12 month high of $60.10. The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16. The stock has a 50 day moving average of $53.56 and a 200-day moving average of $40.24. The company has a market cap of $5.20 billion, a PE ratio of -242.99 and a beta of 1.10.

Travere Therapeutics (NASDAQ:TVTX) last issued its earnings results on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.29. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. The business had revenue of $127.20 million for the quarter, compared to the consensus estimate of $136.23 million. During the same period in the previous year, the company earned ($0.47) earnings per share. The firm’s revenue for the quarter was up 55.6% on a year-over-year basis. On average, equities research analysts anticipate that Travere Therapeutics will post -0.56 EPS for the current fiscal year.

Insider Transactions at Travere Therapeutics

In other Travere Therapeutics news, CEO Eric M. Dube sold 22,500 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total value of $988,875.00. Following the transaction, the chief executive officer directly owned 432,886 shares in the company, valued at $19,025,339.70. The trade was a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth E. Reed sold 20,000 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $45.00, for a total transaction of $900,000.00. Following the sale, the insider owned 105,211 shares of the company’s stock, valued at approximately $4,734,495. This represents a 15.97% 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. Over the last 90 days, insiders sold 103,663 shares of company stock valued at $4,730,462. Corporate insiders own 4.44% of the company’s stock.

Institutional Investors Weigh In On Travere Therapeutics

A number of institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Travere Therapeutics by 13.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company’s stock worth $1,029,000 after purchasing an additional 6,831 shares during the period. Norges Bank bought a new stake in Travere Therapeutics in the 2nd quarter valued at $1,051,000. First Trust Advisors LP bought a new stake in Travere Therapeutics in the 2nd quarter valued at $3,538,000. Cresset Asset Management LLC grew its holdings in Travere Therapeutics by 26.5% in the 2nd quarter. Cresset Asset Management LLC now owns 28,875 shares of the company’s stock valued at $427,000 after buying an additional 6,047 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its holdings in Travere Therapeutics by 106.2% in the 2nd quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company’s stock valued at $8,941,000 after buying an additional 311,137 shares in the last quarter.

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.