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

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) gapped up prior to trading on Wednesday after Wedbush raised their price target on the stock from $17.00 to $25.00. The stock had previously closed at $15.21, but opened at $15.65. Wedbush currently has an outperform rating on the stock. Travere Therapeutics shares last traded at $16.44, with a volume of 1,328,089 shares.

A number of other analysts have also commented on the company. Citigroup dropped their price target on Travere Therapeutics from $23.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, September 27th. HC Wainwright cut their price target on shares of Travere Therapeutics from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, September 27th. Leerink Partners restated an “outperform” rating and set a $20.00 price objective on shares of Travere Therapeutics in a report on Tuesday. Bank of America lowered their price objective on shares of Travere Therapeutics from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, September 27th. Finally, JPMorgan Chase & Co. lifted their price target on Travere Therapeutics from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, September 13th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.08.

Insider Transactions at Travere Therapeutics

In other Travere Therapeutics news, CEO Eric M. Dube sold 21,125 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $11.52, for a total transaction of $243,360.00. Following the sale, the chief executive officer now owns 361,975 shares in the company, valued at $4,169,952. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Travere Therapeutics news, Director Gary A. Lyons sold 40,000 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $14.73, for a total value of $589,200.00. Following the completion of the sale, the director now directly owns 51,000 shares of the company’s stock, valued at $751,230. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Eric M. Dube sold 21,125 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $11.52, for a total value of $243,360.00. Following the transaction, the chief executive officer now directly owns 361,975 shares in the company, valued at $4,169,952. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,707 shares of company stock valued at $1,504,312 in the last quarter. Insiders own 3.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TVTX. Vanguard Group Inc. lifted its stake in Travere Therapeutics by 13.6% in the first quarter. Vanguard Group Inc. now owns 6,265,829 shares of the company’s stock worth $48,310,000 after acquiring an additional 750,686 shares during the period. Millennium Management LLC lifted its position in shares of Travere Therapeutics by 33.9% in the 2nd quarter. Millennium Management LLC now owns 2,949,335 shares of the company’s stock worth $24,244,000 after purchasing an additional 747,406 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Travere Therapeutics by 912.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 2,214,099 shares of the company’s stock valued at $18,200,000 after purchasing an additional 1,995,419 shares in the last quarter. Parkman Healthcare Partners LLC raised its stake in 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 buying an additional 441,318 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Travere Therapeutics in the fourth quarter worth about $5,711,000.

Travere Therapeutics Trading Up 5.5 %

The company has a market cap of $1.22 billion, a PE ratio of -7.93 and a beta of 0.73. The stock has a 50 day moving average price of $11.31 and a 200 day moving average price of $8.78. The company has a current ratio of 3.04, a quick ratio of 2.99 and a debt-to-equity ratio of 24.96.

Travere Therapeutics (NASDAQ:TVTX) last announced its earnings results on Thursday, August 1st. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.03). The business had revenue of $54.12 million for the quarter, compared to the consensus estimate 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 predict that Travere Therapeutics, Inc. will post -3.95 EPS for the current fiscal year.

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.