Travere Therapeutics (NASDAQ:TVTX) Reaches New 52-Week High – Here’s Why

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $37.50 and last traded at $36.0350, with a volume of 97887 shares changing hands. The stock had previously closed at $36.26.

Analyst Ratings Changes

TVTX has been the topic of a number of research reports. Wells Fargo & Company raised their target price on shares of Travere Therapeutics from $27.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, September 11th. Jefferies Financial Group set a $35.00 target price on Travere Therapeutics in a research report on Wednesday, September 10th. Scotiabank restated an “outperform” rating on shares of Travere Therapeutics in a research note on Thursday, August 7th. Wedbush lifted their price objective on Travere Therapeutics from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Finally, Zacks Research cut shares of Travere Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Travere Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $38.71.

Travere Therapeutics Stock Down 1.5%

The company has a 50-day moving average of $29.82 and a 200-day moving average of $21.54. 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 company has a market capitalization of $3.20 billion, a price-to-earnings ratio of -17.61 and a beta of 0.90.

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

Insiders Place Their Bets

In other news, Director Timothy Coughlin sold 18,000 shares of the company’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $35.03, for a total value of $630,540.00. Following the sale, the director directly owned 55,500 shares of the company’s stock, valued at $1,944,165. This represents a 24.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric M. Dube sold 27,128 shares of the firm’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $30.12, for a total transaction of $817,095.36. Following the transaction, the chief executive officer directly owned 419,173 shares of the company’s stock, valued at approximately $12,625,490.76. This trade represents a 6.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 223,941 shares of company stock worth $7,221,380. Company insiders own 4.19% of the company’s stock.

Institutional Trading of Travere Therapeutics

Hedge funds have recently modified their holdings of the stock. Armistice Capital LLC increased its holdings 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 valued at $158,986,000 after purchasing an additional 1,514,000 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Travere Therapeutics by 10.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,613,368 shares of the company’s stock worth $158,059,000 after acquiring an additional 619,085 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of Travere Therapeutics by 27.4% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 2,784,000 shares of the company’s stock valued at $41,203,000 after acquiring an additional 599,102 shares during the period. Driehaus Capital Management LLC increased its stake in shares of Travere Therapeutics by 24.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,767,693 shares of the company’s stock valued at $49,597,000 after purchasing an additional 549,718 shares in the last quarter. Finally, Emerald Advisers LLC boosted its position in Travere Therapeutics by 2.6% during the third quarter. Emerald Advisers LLC now owns 2,146,767 shares of the company’s stock worth $51,308,000 after purchasing an additional 55,407 shares in the last quarter.

Travere Therapeutics Company Profile

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.