Travere Therapeutics (NASDAQ:TVTX) Trading Up 7.7% – What’s Next?

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s stock price was up 7.7% during mid-day trading on Monday . The stock traded as high as $33.78 and last traded at $32.7790. Approximately 660,834 shares traded hands during trading, a decline of 66% from the average daily volume of 1,917,977 shares. The stock had previously closed at $30.44.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TVTX. Wall Street Zen cut shares of Travere Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 21st. JPMorgan Chase & Co. dropped their target price on shares of Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, March 25th. Guggenheim reiterated a “buy” rating and set a $49.00 target price on shares of Travere Therapeutics in a research report on Wednesday, January 14th. Piper Sandler upped their target price on shares of Travere Therapeutics from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Travere Therapeutics in a research report on Wednesday, January 21st. Ten investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $39.00.

Travere Therapeutics Stock Performance

The company has a debt-to-equity ratio of 2.71, a quick ratio of 2.70 and a current ratio of 2.74. The stock’s 50-day moving average is $29.27 and its 200 day moving average is $31.01. The firm has a market cap of $2.92 billion, a P/E ratio of -105.56 and a beta of 0.86.

Insiders Place Their Bets

In related news, CFO Christopher R. Cline sold 1,745 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $32.19, for a total value of $56,171.55. Following the completion of the sale, the chief financial officer owned 111,226 shares in the company, valued at $3,580,364.94. This represents a 1.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric M. Dube sold 60,000 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $30.93, for a total transaction of $1,855,800.00. Following the completion of the sale, the chief executive officer owned 432,886 shares of the company’s stock, valued at approximately $13,389,163.98. This represents a 12.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 312,067 shares of company stock worth $9,755,570 over the last 90 days. 4.06% of the stock is currently owned by corporate insiders.

Institutional Trading of Travere Therapeutics

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Travere Therapeutics by 10.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,613,368 shares of the company’s stock valued at $158,059,000 after buying an additional 619,085 shares in the last quarter. State Street Corp increased its position in shares of Travere Therapeutics by 47.8% in the 4th 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 in the last quarter. Perceptive Advisors LLC increased its position in shares of Travere Therapeutics by 12.7% in the 4th quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company’s stock valued at $163,469,000 after buying an additional 483,565 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Travere Therapeutics by 27.4% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 2,784,000 shares of the company’s stock worth $41,203,000 after purchasing an additional 599,102 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Travere Therapeutics by 28.2% in the 4th quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company’s stock worth $85,849,000 after purchasing an additional 494,665 shares during the period.

Travere Therapeutics Company Profile

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.