Travere Therapeutics (NASDAQ:TVTX) Hits New 52-Week High – What’s Next?

by · The Cerbat Gem

Travere Therapeutics, Inc. (NASDAQ:TVTX – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $19.55 and last traded at $19.51, with a volume of 2602457 shares trading hands. The stock had previously closed at $17.66.

Wall Street Analysts Forecast Growth

TVTX has been the topic of a number of recent analyst reports. Leerink Partners restated an “outperform” rating and set a $20.00 target price on shares of Travere Therapeutics in a research note on Tuesday, October 8th. Wedbush boosted their price objective on Travere Therapeutics from $17.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Canaccord Genuity Group decreased their target price on Travere Therapeutics from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Guggenheim increased their price objective on shares of Travere Therapeutics from $23.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Bank of America boosted their target price on shares of Travere Therapeutics from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.85.

Get Our Latest Research Report on Travere Therapeutics

Travere Therapeutics Stock Performance

The firm has a 50 day moving average of $15.21 and a 200-day moving average of $10.42. The company has a market cap of $1.55 billion, a P/E ratio of -4.29 and a beta of 0.70. The company has a quick ratio of 1.68, a current ratio of 1.71 and a debt-to-equity ratio of 24.96.

Travere Therapeutics (NASDAQ:TVTX – Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.71) by $0.01. Travere Therapeutics had a negative return on equity of 537.74% and a negative net margin of 172.75%. The firm had revenue of $62.90 million during the quarter, compared to the consensus estimate of $60.87 million. During the same period in the previous year, the company posted ($1.17) earnings per share. The firm’s quarterly revenue was up 69.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Travere Therapeutics, Inc. will post -4 EPS for the current fiscal year.

Insider Activity at Travere Therapeutics

In other news, insider Jula Inrig sold 2,191 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $11.52, for a total value of $25,240.32. Following the completion of the sale, the insider now owns 62,633 shares of the company’s stock, valued at $721,532.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Jula Inrig sold 2,191 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $11.52, for a total transaction of $25,240.32. Following the completion of the transaction, the insider now owns 62,633 shares of the company’s stock, valued at $721,532.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP William E. Rote sold 4,387 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $11.52, for a total transaction of $50,538.24. Following the completion of the sale, the senior vice president now directly owns 84,455 shares in the company, valued at approximately $972,921.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,707 shares of company stock valued at $1,504,312 over the last quarter. 3.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Travere Therapeutics

Several large investors have recently made changes to their positions in TVTX. Assenagon Asset Management S.A. increased its holdings in 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 valued at $18,200,000 after buying an additional 1,995,419 shares in the last quarter. Vanguard Group Inc. raised its holdings in Travere Therapeutics by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 6,265,829 shares of the company’s stock worth $48,310,000 after purchasing an additional 750,686 shares during the period. Millennium Management LLC boosted its position in Travere Therapeutics by 33.9% during the second 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Travere Therapeutics by 203.0% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 615,000 shares of the company’s stock valued at $5,055,000 after purchasing an additional 412,000 shares during the period. Finally, Emerald Advisers LLC increased its position in shares of Travere Therapeutics by 19.8% in the third quarter. Emerald Advisers LLC now owns 1,960,659 shares of the company’s stock valued at $27,430,000 after buying an additional 323,513 shares in the last quarter.

About Travere Therapeutics

(Get Free Report)

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.

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