Canaccord Genuity Group Forecasts Strong Price Appreciation for Travere Therapeutics (NASDAQ:TVTX) Stock

Travere Therapeutics (NASDAQ:TVTX) had its target price hoisted by Canaccord Genuity Group from $70.00 to $72.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target indicates a potential upside of 37.35% from the stock’s current price.

A number of other analysts also recently commented on the company. Zacks Research downgraded Travere Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Travere Therapeutics in a research report on Friday, September 18th. TD Cowen boosted their price objective on shares of Travere Therapeutics from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Wedbush reissued an “outperform” rating and issued a $76.00 price objective on shares of Travere Therapeutics in a research note on Tuesday, September 22nd. Finally, Citigroup increased their price objective on shares of Travere Therapeutics from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Ten analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $68.60.

Travere Therapeutics Price Performance

Shares of TVTX stock traded up $3.01 during midday trading on Wednesday, reaching $52.42. 3,668,729 shares of the company traded hands, compared to its average volume of 2,051,403. The firm’s 50 day simple moving average is $58.42 and its two-hundred day simple moving average is $46.67. The firm has a market cap of $4.94 billion, a PE ratio of -40.64 and a beta of 1.11. The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. Travere Therapeutics has a 1-year low of $22.59 and a 1-year high of $68.73.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings results on Monday, November 2nd. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.45). Travere Therapeutics had a negative return on equity of 152.48% and a negative net margin of 18.66%. The firm had revenue of $224.56 million during the quarter, compared to analyst estimates of $195.29 million. During the same quarter in the prior year, the company earned $0.28 EPS. The business’s revenue was up 36.2% on a year-over-year basis. On average, equities research analysts expect that Travere Therapeutics will post -0.92 EPS for the current fiscal year.

Insider Transactions at Travere Therapeutics

In other Travere Therapeutics news, CEO Eric Dube sold 243,735 shares of the stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $53.82, for a total transaction of $13,117,817.70. Following the sale, the chief executive officer owned 432,886 shares in the company, valued at approximately $23,297,924.52. This represents a 36.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Heerma sold 8,282 shares of the firm’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $65.07, for a total value of $538,909.74. Following the transaction, the executive vice president directly owned 117,066 shares of the company’s stock, valued at $7,617,484.62. The trade was a 6.61% 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 1,294,029 shares of company stock worth $79,454,261 in the last quarter. Insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TVTX. Allspring Global Investments Holdings LLC purchased a new position in Travere Therapeutics in the 3rd quarter valued at about $250,000. Alps Advisors Inc. grew its holdings in shares of Travere Therapeutics by 32.9% during the third quarter. Alps Advisors Inc. now owns 124,893 shares of the company’s stock worth $7,354,000 after buying an additional 30,912 shares in the last quarter. CenterBook Partners LP grew its holdings in shares of Travere Therapeutics by 37.5% during the third quarter. CenterBook Partners LP now owns 34,117 shares of the company’s stock worth $2,009,000 after buying an additional 9,299 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Travere Therapeutics in the third quarter valued at approximately $452,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Travere Therapeutics in the third quarter valued at approximately $978,000.

Trending Headlines about Travere Therapeutics

Here are the key news stories impacting Travere Therapeutics this week:

• Positive Sentiment: Guggenheim lowered its price target to $78 from $89 but kept its “buy” rating, implying substantial potential upside from the cited $52.42 share price. Guggenheim rating information
• Positive Sentiment: Recent coverage described TVTX bouncing higher after testing its 200-day moving average, a technical development that may have helped support the shares. Travere rebounds from its 200-day moving average
• Neutral Sentiment: Analyst views remain divided, with some seeing upside while other coverage questioned whether the stock is fully priced after its substantial run. Analysts have conflicting views on healthcare stocks
• Negative Sentiment: Travere reported a third-quarter loss that missed analyst expectations, reversing a year-ago profit. Revenue was a bright spot, rising 36.2% year over year to $224.56 million and exceeding estimates. Travere reports Q3 loss and revenue beat
• Negative Sentiment: The target reduction and concerns about valuation temper the bullish outlook, despite Guggenheim maintaining its buy rating. Travere stock valuation discussion

Travere Therapeutics Company Profile

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare diseases, with an emphasis on serious kidney conditions. The company’s work centers on addressing diseases with limited treatment options and improving outcomes for patients with progressive renal disorders.

Travere’s lead commercial product is FILSPARI (sparsentan), an oral treatment for adults with primary immunoglobulin A nephropathy (IgA nephropathy) who are at risk of disease progression.