Travere Therapeutics (NASDAQ:TVTX) Hits New 52-Week High After Analyst Upgrade

Travere Therapeutics, Inc. (NASDAQ:TVTX) shares reached a new 52-week high on Monday after Wells Fargo & Company raised their price target on the stock from $50.00 to $65.00. Wells Fargo & Company currently has an overweight rating on the stock. Travere Therapeutics traded as high as $52.99 and last traded at $52.8090, with a volume of 1418 shares. The stock had previously closed at $52.04.

A number of other research analysts also recently commented on TVTX. TD Cowen increased their target price on Travere Therapeutics from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Wedbush reissued an “outperform” rating and set a $55.00 target price on shares of Travere Therapeutics in a report on Wednesday, June 3rd. Citigroup raised their price target 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. Guggenheim boosted their price objective on shares of Travere Therapeutics from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Finally, Weiss Ratings upgraded shares of Travere Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, May 21st. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.17.

Insider Buying and Selling

In other news, insider Elizabeth E. Reed sold 2,076 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total transaction of $91,240.20. Following the completion of the transaction, the insider owned 105,211 shares of the company’s stock, valued at approximately $4,624,023.45. The trade was a 1.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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, insider Jula Inrig sold 2,174 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $46.65, for a total transaction of $101,417.10. Following the completion of the sale, the insider directly owned 113,549 shares in the company, valued at approximately $5,297,060.85. This trade represents a 1.88% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 390,015 shares of company stock valued at $15,614,528 in the last three months. 4.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TVTX. Palisades Investment Partners LLC acquired a new position in Travere Therapeutics during the fourth quarter worth about $5,264,000. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Travere Therapeutics by 169.6% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 99,229 shares of the company’s stock worth $3,792,000 after purchasing an additional 62,419 shares in the last quarter. Apis Capital Advisors LLC acquired a new stake in Travere Therapeutics during the third quarter valued at approximately $3,967,000. Assenagon Asset Management S.A. boosted its holdings in Travere Therapeutics by 347.5% during the fourth 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 in the last quarter. Finally, Legato Capital Management LLC bought a new position in shares of Travere Therapeutics in the third quarter valued at $1,698,000.

Travere Therapeutics Price Performance

The company has a market cap of $4.89 billion, a price-to-earnings ratio of -227.49 and a beta of 1.13. 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 business has a 50-day moving average price of $41.70 and a 200 day moving average price of $35.26.

Travere Therapeutics (NASDAQ:TVTX) last released its earnings results on Monday, May 4th. The company reported $0.05 earnings per share 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 business had revenue of $127.20 million for the quarter, compared to the consensus estimate of $136.23 million. During the same period last year, the firm posted ($0.47) earnings per share. The firm’s quarterly revenue was up 55.6% compared to the same quarter last year. As a group, research analysts expect that Travere Therapeutics, Inc. will post -0.29 earnings per share for the current fiscal year.

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.