Wells Fargo & Company Raises Travere Therapeutics (NASDAQ:TVTX) Price Target to $65.00

Travere Therapeutics (NASDAQ:TVTX) had its target price upped by stock analysts at Wells Fargo & Company from $50.00 to $65.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 27.93% from the stock’s current price.

A number of other brokerages have also recently commented on TVTX. Citigroup boosted their price target on Travere Therapeutics from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Canaccord Genuity Group lifted their price objective on Travere Therapeutics from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Guggenheim boosted their target price on Travere Therapeutics from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Wedbush reissued an “outperform” rating and issued a $55.00 target price on shares of Travere Therapeutics in a research note on Wednesday, June 3rd. Finally, HC Wainwright increased their target price on Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.17.

Travere Therapeutics Stock Up 3.9%

Travere Therapeutics stock traded up $1.90 during trading hours on Friday, hitting $50.81. 127,166 shares of the stock traded hands, compared to its average volume of 2,194,186. Travere Therapeutics has a one year low of $13.88 and a one year high of $50.33. The firm’s 50-day moving average price is $41.29 and its two-hundred day moving average price is $35.14. The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16. The company has a market cap of $4.72 billion, a PE ratio of -220.16 and a beta of 1.13.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.29. The business 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 firm’s quarterly revenue was up 55.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.47) earnings per share. On average, research analysts forecast that Travere Therapeutics will post -0.29 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jula Inrig sold 2,174 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $46.65, for a total transaction of $101,417.10. Following the sale, the insider directly owned 113,549 shares of the company’s stock, valued at $5,297,060.85. This trade represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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. Also, CEO Eric M. Dube sold 22,500 shares of Travere Therapeutics stock in a transaction dated Wednesday, May 6th. The stock was 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 owned 432,886 shares of the company’s stock, valued at $19,025,339.70. The trade was a 4.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 400,015 shares of company stock worth $15,895,428. 4.44% of the stock is owned by corporate insiders.

Institutional Trading of Travere Therapeutics

A number of large investors have recently made changes to their positions in the stock. Palisades Investment Partners LLC bought a new stake in Travere Therapeutics in the 4th quarter worth approximately $5,264,000. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Travere Therapeutics by 169.6% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 99,229 shares of the company’s stock valued at $3,792,000 after buying an additional 62,419 shares during the period. Apis Capital Advisors LLC bought a new position in shares of Travere Therapeutics during the 3rd quarter valued at $3,967,000. Assenagon Asset Management S.A. boosted its stake in shares of Travere Therapeutics by 347.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 417,742 shares of the company’s stock worth $15,962,000 after buying an additional 324,387 shares during the last quarter. Finally, Legato Capital Management LLC bought a new stake in shares of Travere Therapeutics in the third quarter worth $1,698,000.

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.