Travere Therapeutics (NASDAQ:TVTX) Sets New 52-Week High – Time to Buy?

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $49.00 and last traded at $48.6350, with a volume of 197858 shares changing hands. The stock had previously closed at $47.08.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TVTX shares. Wedbush reiterated an “outperform” rating and set a $55.00 target price on shares of Travere Therapeutics in a research report on Wednesday, June 3rd. TD Cowen increased their target price on shares of Travere Therapeutics from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Wells Fargo & Company increased their target price on shares of Travere Therapeutics from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Citigroup increased their target price on shares of Travere Therapeutics from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Finally, Guggenheim increased their target price on shares of Travere Therapeutics from $54.00 to $56.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.92.

Travere Therapeutics Stock Performance

The firm’s 50-day moving average price is $40.10 and its 200 day moving average price is $34.86. The company has a debt-to-equity ratio of 3.16, a quick ratio of 3.08 and a current ratio of 3.13. The company has a market cap of $4.50 billion, a price-to-earnings ratio of -211.51 and a beta of 1.13.

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

Insider Activity at Travere Therapeutics

In other news, insider William E. Rote sold 2,763 shares of Travere Therapeutics stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total transaction of $121,433.85. Following the completion of the sale, the insider owned 115,474 shares in the company, valued at $5,075,082.30. The trade was a 2.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric M. Dube sold 22,500 shares of Travere Therapeutics stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total transaction of $988,875.00. Following the sale, the chief executive officer owned 432,886 shares of the company’s stock, valued at approximately $19,025,339.70. This represents a 4.94% 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. Insiders have sold 400,015 shares of company stock worth $15,895,428 over the last 90 days. Insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in Travere Therapeutics during the 2nd quarter worth approximately $33,000. Fifth Third Bancorp bought a new position in Travere Therapeutics during the 1st quarter worth approximately $35,000. State of Wyoming bought a new position in Travere Therapeutics during the 4th quarter worth approximately $37,000. Torren Management LLC bought a new position in Travere Therapeutics during the 4th quarter worth approximately $38,000. Finally, Comerica Bank boosted its stake in Travere Therapeutics by 77.5% during the 4th quarter. Comerica Bank now owns 1,127 shares of the company’s stock worth $43,000 after acquiring an additional 492 shares during the last quarter.

About Travere Therapeutics

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.