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

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) hit a new 52-week high on Friday . The stock traded as high as $28.85 and last traded at $28.56, with a volume of 122381 shares. The stock had previously closed at $28.15.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TVTX. Zacks Research raised Travere Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Jefferies Financial Group set a $35.00 target price on Travere Therapeutics in a research note on Wednesday, September 10th. Wells Fargo & Company increased their target price on Travere Therapeutics from $27.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, September 11th. Citigroup reissued a “buy” rating on shares of Travere Therapeutics in a research note on Sunday, August 10th. Finally, Wedbush increased their target price on Travere Therapeutics from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.21.

Travere Therapeutics Price Performance

The company has a debt-to-equity ratio of 9.50, a current ratio of 2.00 and a quick ratio of 1.98. The company has a market capitalization of $2.50 billion, a PE ratio of -13.75 and a beta of 0.83. The firm has a 50-day moving average of $23.21 and a 200 day moving average of $18.77.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.14. Travere Therapeutics had a negative return on equity of 717.68% and a negative net margin of 50.64%.The company had revenue of $94.84 million for the quarter, compared to analysts’ expectations of $100.18 million. During the same period last year, the firm posted ($0.65) earnings per share. Travere Therapeutics’s revenue was up 111.5% compared to the same quarter last year. As a group, research analysts anticipate that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Activity at Travere Therapeutics

In related news, insider Elizabeth E. Reed sold 10,000 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $25.00, for a total transaction of $250,000.00. Following the sale, the insider directly owned 89,878 shares of the company’s stock, valued at $2,246,950. This trade represents a 10.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 10,573 shares of company stock worth $260,608 over the last 90 days. Company insiders own 4.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of TVTX. Raymond James Financial Inc. bought a new position in Travere Therapeutics in the second quarter valued at about $33,000. Caitong International Asset Management Co. Ltd bought a new position in Travere Therapeutics in the first quarter valued at about $62,000. Headlands Technologies LLC bought a new position in Travere Therapeutics in the second quarter valued at about $73,000. KBC Group NV bought a new position in Travere Therapeutics in the first quarter valued at about $75,000. Finally, Atria Investments Inc bought a new position in Travere Therapeutics in the second quarter valued at about $154,000.

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.