Zacks Research Downgrades Travere Therapeutics (NASDAQ:TVTX) to Hold

Travere Therapeutics (NASDAQ:TVTX) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other research analysts have also recently commented on the company. Wells Fargo & Company boosted their price target on Travere Therapeutics from $27.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. HC Wainwright reiterated a “buy” rating and set a $47.00 price objective on shares of Travere Therapeutics in a research report on Friday, September 19th. Scotiabank restated an “outperform” rating on shares of Travere Therapeutics in a research report on Thursday, August 7th. Citigroup raised their target price on shares of Travere Therapeutics from $34.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, Cowen reiterated a “buy” rating on shares of Travere Therapeutics in a research note on Friday, October 31st. Thirteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Travere Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $38.71.

Travere Therapeutics Stock Down 7.1%

TVTX opened at $33.89 on Wednesday. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of -16.61 and a beta of 0.90. The company has a debt-to-equity ratio of 9.50, a quick ratio of 1.98 and a current ratio of 2.00. The firm’s fifty day moving average is $27.40 and its 200 day moving average is $20.50. Travere Therapeutics has a fifty-two week low of $12.91 and a fifty-two week high of $36.76.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.59. The business had revenue of $164.86 million for 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 business’s quarterly revenue was up 162.1% on a year-over-year basis. During the same period last year, the firm earned ($0.70) earnings per share. On average, sell-side analysts forecast that Travere Therapeutics will post -1.4 earnings per share for the current fiscal year.

Insider Transactions at Travere Therapeutics

In related news, insider Peter Heerma sold 5,591 shares of Travere Therapeutics stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $35.00, for a total value of $195,685.00. Following the completion of the transaction, the insider owned 119,071 shares in the company, valued at approximately $4,167,485. This trade represents a 4.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Sandra Calvin sold 67,115 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $36.00, for a total value of $2,416,140.00. Following the sale, the chief accounting officer owned 48,545 shares in the company, valued at $1,747,620. The trade was a 58.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 223,941 shares of company stock worth $7,221,380 in the last quarter. Company insiders own 4.19% of the company’s stock.

Institutional Investors Weigh In On Travere Therapeutics

Several institutional investors have recently made changes to their positions in the company. Polar Asset Management Partners Inc. purchased a new position in Travere Therapeutics in the 1st quarter worth about $304,000. Y Intercept Hong Kong Ltd boosted its position in Travere Therapeutics by 343.7% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 68,000 shares of the company’s stock valued at $1,006,000 after buying an additional 52,675 shares during the period. Northern Trust Corp grew its stake in Travere Therapeutics by 7.2% in the 1st quarter. Northern Trust Corp now owns 808,687 shares of the company’s stock worth $14,492,000 after acquiring an additional 54,292 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Travere Therapeutics by 166.8% during the second quarter. Assenagon Asset Management S.A. now owns 1,103,075 shares of the company’s stock worth $16,326,000 after acquiring an additional 689,561 shares during the period. Finally, Hussman Strategic Advisors Inc. purchased a new position in shares of Travere Therapeutics during the second quarter worth approximately $2,486,000.

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.