Travere Therapeutics (NASDAQ:TVTX) Hits New 1-Year High – Here’s Why

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) reached a new 52-week high on Friday . The stock traded as high as $66.38 and last traded at $65.99, with a volume of 187528 shares traded. The stock had previously closed at $64.46.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Citigroup raised their target price on shares of Travere Therapeutics from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Piper Sandler reissued an “overweight” rating on shares of Travere Therapeutics in a research report on Monday. Evercore set a $78.00 price target on shares of Travere Therapeutics in a research report on Monday, August 10th. TD Cowen upped 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. Finally, Canaccord Genuity Group increased their price target on shares of Travere Therapeutics from $62.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Travere Therapeutics has an average rating of “Moderate Buy” and an average price target of $61.67.

Travere Therapeutics Trading Up 2.3%

The company has a current ratio of 4.05, a quick ratio of 3.99 and a debt-to-equity ratio of 24.58. The stock has a market capitalization of $6.22 billion, a PE ratio of -143.37 and a beta of 1.12. The stock has a 50 day moving average price of $57.85 and a 200-day moving average price of $43.46.

Travere Therapeutics (NASDAQ:TVTX) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.03. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The firm had revenue of $169.58 million during the quarter, compared to analyst estimates of $157.27 million. During the same quarter last year, the business posted $0.13 earnings per share. The business’s quarterly revenue was up 48.2% compared to the same quarter last year. Sell-side analysts expect that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current year.

Insider Buying and Selling at Travere Therapeutics

In related news, Director Timothy Coughlin sold 10,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $50.07, for a total transaction of $500,700.00. Following the completion of the transaction, the director owned 56,250 shares of the company’s stock, valued at $2,816,437.50. This trade represents a 15.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 4,500 shares of Travere Therapeutics stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.00, for a total transaction of $225,000.00. Following the transaction, the director directly owned 41,500 shares of the company’s stock, valued at approximately $2,075,000. This trade represents a 9.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 4.44% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of TVTX. Raymond James Financial Inc. purchased a new position in shares of Travere Therapeutics during the second quarter worth $33,000. GAMMA Investing LLC lifted its position in Travere Therapeutics by 53.4% in the second quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock valued at $34,000 after purchasing an additional 211 shares during the period. Fifth Third Bancorp purchased a new position in shares of Travere Therapeutics in the 1st quarter valued at about $35,000. State of Wyoming acquired a new position in shares of Travere Therapeutics during the 4th quarter worth $37,000. Finally, Torren Management LLC acquired a new stake in Travere Therapeutics during the 4th quarter valued at $38,000.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc (NASDAQ: TVTX) is a biopharmaceutical company headquartered in San Diego, California, dedicated to the development and commercialization of therapies for rare kidney and genetic disorders. The company’s mission is to address unmet needs in conditions with limited treatment options by focusing on diseases that affect small patient populations. Travere combines research, development and commercial capabilities to bring innovative medicines to market.

The company’s lead product is sparsentan, a dual endothelin angiotensin receptor antagonist that has received accelerated approval from the U.S.