Travere Therapeutics (NASDAQ:TVTX) Given New $62.00 Price Target at Canaccord Genuity Group

Travere Therapeutics (NASDAQ:TVTX) had its price target upped by analysts at Canaccord Genuity Group from $56.00 to $62.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 9.70% from the company’s previous close.

Several other equities research analysts have also issued reports on TVTX. Piper Sandler raised shares of Travere Therapeutics from a “neutral” rating to an “overweight” rating and set a $49.00 price objective for the company in a research note on Tuesday, April 14th. HC Wainwright boosted their price target on Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Wedbush raised their price objective on Travere Therapeutics from $55.00 to $61.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. TD Cowen boosted their target price on Travere Therapeutics from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Finally, Wells Fargo & Company lifted their price target on shares of Travere Therapeutics from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.58.

Travere Therapeutics Stock Up 1.7%

NASDAQ TVTX traded up $0.96 on Thursday, reaching $56.52. The stock had a trading volume of 294,732 shares, compared to its average volume of 2,106,528. The business has a 50 day moving average price of $53.08 and a 200 day moving average price of $39.97. The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16. Travere Therapeutics has a 1 year low of $15.03 and a 1 year high of $60.10. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of -244.60 and a beta of 1.10.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.29. The company had revenue of $127.20 million during the quarter, compared to the consensus estimate of $136.23 million. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.The business’s quarterly revenue was up 55.6% on a year-over-year basis. During the same period last year, the business earned ($0.47) EPS. On average, analysts forecast that Travere Therapeutics will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at Travere Therapeutics

In other Travere Therapeutics news, CEO Eric M. Dube sold 22,500 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total value of $988,875.00. Following the completion of the sale, the chief executive officer directly owned 432,886 shares of the company’s stock, valued at $19,025,339.70. This represents a 4.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jula Inrig sold 20,000 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $45.00, for a total transaction of $900,000.00. Following the transaction, the insider owned 111,473 shares in the company, valued at approximately $5,016,285. The trade was a 15.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 113,413 shares of company stock valued at $5,161,607 in the last three months. 4.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of Travere Therapeutics by 53.4% in the 2nd quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock worth $34,000 after acquiring an additional 211 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Travere Therapeutics by 69.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company’s stock valued at $45,000 after purchasing an additional 487 shares during the last quarter. Comerica Bank boosted its stake in Travere Therapeutics by 77.5% in the fourth quarter. Comerica Bank now owns 1,127 shares of the company’s stock worth $43,000 after purchasing an additional 492 shares in the last quarter. ProShare Advisors LLC boosted its stake in Travere Therapeutics by 4.1% in the fourth quarter. ProShare Advisors LLC now owns 19,007 shares of the company’s stock worth $726,000 after purchasing an additional 756 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Travere Therapeutics by 26.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,348 shares of the company’s stock worth $166,000 after purchasing an additional 902 shares during the last quarter.

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.