Travere Therapeutics (NASDAQ:TVTX) Sets New 1-Year High – Time to Buy?

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s share price reached a new 52-week high on Tuesday . The company traded as high as $36.87 and last traded at $36.6440, with a volume of 747495 shares changing hands. The stock had previously closed at $35.44.

Analysts Set New Price Targets

Several research firms have weighed in on TVTX. Wedbush raised their price target on Travere Therapeutics from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Wall Street Zen upgraded Travere Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 8th. Cowen reissued a “buy” rating on shares of Travere Therapeutics in a research report on Friday, October 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Travere Therapeutics in a report on Wednesday, October 8th. Finally, Wells Fargo & Company upped their price target on shares of Travere Therapeutics from $27.00 to $35.00 and gave the company an “overweight” rating in a research report on Thursday, September 11th. Thirteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.71.

Travere Therapeutics Price Performance

The stock has a 50 day moving average of $27.94 and a 200-day moving average of $20.71. The company has a current ratio of 2.00, a quick ratio of 1.98 and a debt-to-equity ratio of 9.50. The stock has a market capitalization of $3.26 billion, a P/E ratio of -17.84 and a beta of 0.90.

Travere Therapeutics (NASDAQ:TVTX) last issued its earnings results on Thursday, October 30th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.59. Travere Therapeutics had a negative net margin of 50.64% and a negative return on equity of 717.68%. The business had revenue of $164.86 million for the quarter, compared to analyst estimates of $106.09 million. During the same period last year, the company posted ($0.70) earnings per share. The company’s quarterly revenue was up 162.1% compared to the same quarter last year. On average, equities research analysts anticipate that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Sandra Calvin sold 67,115 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $36.00, for a total transaction of $2,416,140.00. Following the transaction, the chief accounting officer directly owned 48,545 shares of the company’s stock, valued at approximately $1,747,620. This represents a 58.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eric M. Dube sold 27,128 shares of the business’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $30.12, for a total value of $817,095.36. Following the transaction, the chief executive officer owned 419,173 shares in the company, valued at approximately $12,625,490.76. This trade represents a 6.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 223,941 shares of company stock worth $7,221,380. Insiders own 4.19% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. boosted its position in Travere Therapeutics by 479.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 2,184,898 shares of the company’s stock worth $39,153,000 after purchasing an additional 1,808,098 shares in the last quarter. Stephens Investment Management Group LLC purchased a new position in Travere Therapeutics in the third quarter valued at $38,232,000. Armistice Capital LLC boosted its stake in shares of Travere Therapeutics by 20.6% during the 1st quarter. Armistice Capital LLC now owns 8,872,000 shares of the company’s stock worth $158,986,000 after acquiring an additional 1,514,000 shares in the last quarter. Nuveen LLC purchased a new position in Travere Therapeutics during the first quarter worth approximately $21,569,000. Finally, Wellington Management Group LLP increased its position in shares of Travere Therapeutics by 3,331.9% in the third quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company’s stock valued at $28,715,000 after buying an additional 1,166,460 shares in the last quarter.

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.