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 during trading on Wednesday . The company traded as high as $40.38 and last traded at $40.07, with a volume of 453729 shares changing hands. The stock had previously closed at $35.36.

Analyst Ratings Changes

Several brokerages have recently weighed in on TVTX. Stifel Nicolaus lifted their price target on shares of Travere Therapeutics from $20.00 to $25.00 and gave the stock a “hold” rating in a research note on Friday, September 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Travere Therapeutics in a research report on Wednesday, October 8th. Cowen reissued a “buy” rating on shares of Travere Therapeutics in a report on Friday, October 31st. Zacks Research downgraded Travere Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Citigroup increased their target price on shares of Travere Therapeutics from $34.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $38.71.

Travere Therapeutics Stock Performance

The business has a 50 day moving average price of $33.35 and a two-hundred day moving average price of $23.90. The stock has a market cap of $3.62 billion, a P/E ratio of -37.89 and a beta of 0.89. The company has a quick ratio of 2.71, a current ratio of 2.75 and a debt-to-equity ratio of 4.23.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly 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 return on equity of 178.68% and a negative net margin of 20.32%.The company had revenue of $164.86 million for the quarter, compared to analysts’ expectations of $106.09 million. During the same period in the previous year, the firm earned ($0.70) EPS. The firm’s revenue was up 162.1% compared to the same quarter last year. On average, sell-side analysts forecast that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Activity at Travere Therapeutics

In other Travere Therapeutics news, insider Peter Heerma sold 5,591 shares of Travere Therapeutics stock in a transaction on Friday, October 31st. The shares were sold at an average price of $35.00, for a total value of $195,685.00. Following the completion of the transaction, the insider directly owned 119,071 shares of the company’s stock, valued at $4,167,485. This trade represents a 4.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Christopher R. Cline sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $35.01, for a total value of $700,200.00. Following the sale, the chief financial officer directly owned 92,083 shares in the company, valued at $3,223,825.83. The trade was a 17.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 233,368 shares of company stock valued at $7,660,972 in the last 90 days. 4.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Travere Therapeutics

Several institutional investors have recently modified their holdings of the stock. Penn Capital Management Company LLC boosted its holdings in shares of Travere Therapeutics by 39.7% in the 3rd quarter. Penn Capital Management Company LLC now owns 27,004 shares of the company’s stock worth $645,000 after purchasing an additional 7,680 shares during the period. CIBC Bancorp USA Inc. bought a new stake in Travere Therapeutics in the third quarter worth $225,000. PharVision Advisers LLC purchased a new position in Travere Therapeutics during the third quarter worth $210,000. Voloridge Investment Management LLC increased its position in Travere Therapeutics by 18.7% during the third quarter. Voloridge Investment Management LLC now owns 883,672 shares of the company’s stock valued at $21,120,000 after acquiring an additional 139,018 shares during the last quarter. Finally, Quarry LP increased its position in Travere Therapeutics by 113.7% during the third quarter. Quarry LP now owns 14,960 shares of the company’s stock valued at $358,000 after acquiring an additional 7,960 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.