Travere Therapeutics (NASDAQ:TVTX) Reaches New 52-Week High – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $68.23 and last traded at $66.4610, with a volume of 173014 shares. The stock had previously closed at $66.07.

Wall Street Analyst Weigh In

Several analysts recently commented on TVTX shares. Piper Sandler reaffirmed an “overweight” rating on shares of Travere Therapeutics in a research note on Monday, August 17th. Citigroup boosted their price objective on shares of Travere Therapeutics from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Guggenheim increased their price target on Travere Therapeutics from $65.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Evercore set a $78.00 price objective on shares of Travere Therapeutics in a research report on Monday, August 10th. Finally, 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. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.09.

Travere Therapeutics Stock Performance

The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The company has a market cap of $6.36 billion, a P/E ratio of -146.76 and a beta of 1.05. The stock’s 50-day moving average price is $60.96 and its 200-day moving average price is $47.29.

Travere Therapeutics (NASDAQ:TVTX) last announced its earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The firm had revenue of $169.58 million for the quarter, compared to analyst estimates of $157.27 million. During the same quarter in the prior year, the business posted $0.13 EPS. The business’s revenue was up 48.2% compared to the same quarter last year. Equities analysts anticipate that Travere Therapeutics, Inc. will post -0.54 EPS for the current year.

Institutional Trading of Travere Therapeutics

Several large investors have recently made changes to their positions in TVTX. Jupiter Topco LLC acquired a new stake in Travere Therapeutics in the second quarter valued at about $643,299,000. California State Teachers Retirement System grew its holdings in Travere Therapeutics by 5,062.4% during the 2nd quarter. California State Teachers Retirement System now owns 5,427,287 shares of the company’s stock worth $308,324,000 after acquiring an additional 5,322,155 shares during the last quarter. Bank of America Corp DE acquired a new stake in Travere Therapeutics in the second quarter valued at $259,527,000. State Street Corp increased its stake in shares of Travere Therapeutics by 47.8% in the fourth quarter. State Street Corp now owns 4,756,666 shares of the company’s stock valued at $181,752,000 after buying an additional 1,538,827 shares during the period. Finally, Wellington Management Group LLP increased its position in Travere Therapeutics by 3,331.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company’s stock valued at $28,715,000 after purchasing an additional 1,166,460 shares during the period.

Travere Therapeutics Company Profile

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.