Travere Therapeutics (NASDAQ:TVTX) Shares Gap Up Following Analyst Upgrade

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s stock price gapped up prior to trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $15.00 to $18.00. The stock had previously closed at $6.55, but opened at $7.40. Canaccord Genuity Group currently has a buy rating on the stock. Travere Therapeutics shares last traded at $7.26, with a volume of 224,770 shares changing hands.

Other research analysts have also recently issued reports about the company. Wedbush reaffirmed an “outperform” rating and set a $13.00 price objective on shares of Travere Therapeutics in a research report on Wednesday, April 17th. HC Wainwright increased their price target on Travere Therapeutics from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Wells Fargo & Company increased their price target on Travere Therapeutics from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Friday, February 16th. Piper Sandler increased their price target on Travere Therapeutics from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. Finally, Guggenheim reissued a “neutral” rating on shares of Travere Therapeutics in a research report on Wednesday, March 27th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Travere Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.69.

Hedge Funds Weigh In On Travere Therapeutics

A number of large investors have recently made changes to their positions in TVTX. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Travere Therapeutics by 32.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,511 shares of the company’s stock worth $148,000 after purchasing an additional 4,007 shares during the period. Emerald Advisers LLC increased its stake in shares of Travere Therapeutics by 64.9% during the third quarter. Emerald Advisers LLC now owns 1,060,302 shares of the company’s stock worth $9,479,000 after purchasing an additional 417,250 shares during the period. Emerald Mutual Fund Advisers Trust increased its stake in Travere Therapeutics by 44.4% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 764,603 shares of the company’s stock worth $6,836,000 after acquiring an additional 235,085 shares during the period. Cheyne Capital Management UK LLP bought a new position in Travere Therapeutics during the 3rd quarter worth $234,000. Finally, Teacher Retirement System of Texas increased its stake in Travere Therapeutics by 9.6% during the 3rd quarter. Teacher Retirement System of Texas now owns 18,804 shares of the company’s stock worth $168,000 after acquiring an additional 1,641 shares during the period.

Travere Therapeutics Stock Performance

The stock has a 50 day simple moving average of $7.04 and a 200 day simple moving average of $7.61. The company has a current ratio of 3.47, a quick ratio of 3.41 and a debt-to-equity ratio of 1.88. The stock has a market cap of $525.16 million, a P/E ratio of -4.65 and a beta of 0.69.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings data on Monday, May 6th. The company reported ($1.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.78). Travere Therapeutics had a negative return on equity of 177.97% and a negative net margin of 56.02%. The company had revenue of $41.40 million for the quarter, compared to the consensus estimate of $43.46 million. During the same quarter last year, the business earned ($1.27) EPS. Travere Therapeutics’s revenue was up 34.0% on a year-over-year basis. On average, equities analysts expect that Travere Therapeutics, Inc. will post -3.1 earnings per share for the current year.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc, a biopharmaceutical company, identifies, develops, and delivers therapies to people living with rare kidney and metabolic diseases. Its products include FILSPARI (sparsentan), a once-daily, oral medication designed to target two critical pathways in the disease progression of IgA Nephropathy (endothelin 1 and angiotensin-II); and Thiola and Thiola EC (tiopronin tablets) for the treatment of cystinuria, a rare genetic cystine transport disorder that causes high cystine levels in the urine and the formation of recurring kidney stones.