Barclays Raises Travere Therapeutics (NASDAQ:TVTX) Price Target to $18.00

Travere Therapeutics (NASDAQ:TVTX) had its price target boosted by stock analysts at Barclays from $14.00 to $18.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 28.39% from the stock’s previous close.

TVTX has been the topic of several other research reports. HC Wainwright cut their price objective on Travere Therapeutics from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Friday. Bank of America reduced their price target on Travere Therapeutics from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday. JPMorgan Chase & Co. boosted their price objective on Travere Therapeutics from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Guggenheim dropped their price target on Travere Therapeutics from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Piper Sandler increased their price objective on Travere Therapeutics from $11.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Travere Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $17.09.

Travere Therapeutics Price Performance

Shares of TVTX stock traded up $0.03 during trading hours on Tuesday, reaching $14.02. The company’s stock had a trading volume of 663,875 shares, compared to its average volume of 1,315,197. The firm’s 50 day simple moving average is $10.74 and its 200-day simple moving average is $8.49. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -6.55 and a beta of 0.71. Travere Therapeutics has a fifty-two week low of $5.12 and a fifty-two week high of $15.36. The company has a quick ratio of 2.99, a current ratio of 3.04 and a debt-to-equity ratio of 24.96.

Travere Therapeutics (NASDAQ:TVTX) last issued its earnings results on Thursday, August 1st. The company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.03). The business had revenue of $54.12 million during the quarter, compared to analyst estimates of $49.50 million. Travere Therapeutics had a negative net margin of 82.14% and a negative return on equity of 269.18%. Sell-side analysts forecast that Travere Therapeutics will post -3.95 earnings per share for the current year.

Insider Activity

In other news, Director Jeffrey A. Meckler sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $14.06, for a total value of $562,400.00. Following the completion of the transaction, the director now directly owns 81,000 shares of the company’s stock, valued at $1,138,860. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Travere Therapeutics news, Director Jeffrey A. Meckler sold 40,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $14.06, for a total transaction of $562,400.00. Following the completion of the transaction, the director now directly owns 81,000 shares of the company’s stock, valued at $1,138,860. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Christopher R. Cline sold 2,490 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $11.52, for a total value of $28,684.80. Following the transaction, the chief financial officer now directly owns 74,595 shares of the company’s stock, valued at $859,334.40. The disclosure for this sale can be found here. Insiders sold a total of 70,707 shares of company stock valued at $915,112 over the last three months. Corporate insiders own 3.75% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. boosted its holdings in shares of Travere Therapeutics by 912.5% in the second quarter. Assenagon Asset Management S.A. now owns 2,214,099 shares of the company’s stock worth $18,200,000 after acquiring an additional 1,995,419 shares during the period. Parkman Healthcare Partners LLC boosted its holdings in shares of Travere Therapeutics by 76.4% in the fourth quarter. Parkman Healthcare Partners LLC now owns 1,018,812 shares of the company’s stock worth $9,159,000 after acquiring an additional 441,318 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Travere Therapeutics by 79.2% in the first quarter. Russell Investments Group Ltd. now owns 184,623 shares of the company’s stock worth $1,423,000 after acquiring an additional 81,611 shares during the period. GSA Capital Partners LLP bought a new position in shares of Travere Therapeutics in the first quarter worth $452,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Travere Therapeutics in the fourth quarter worth $5,711,000.

About Travere Therapeutics

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.