Travere Therapeutics (NASDAQ:TVTX) Price Target Raised to $70.00

Travere Therapeutics (NASDAQ:TVTX) had its price target upped by stock analysts at Citigroup from $62.00 to $70.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 30.60% from the stock’s previous close.

Several other research analysts have also recently commented on TVTX. Weiss Ratings upgraded shares of Travere Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, May 21st. HC Wainwright lifted their price objective on shares of Travere Therapeutics from $57.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. reduced their target price on Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. Wells Fargo & Company raised their price objective on shares of Travere Therapeutics from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Guggenheim boosted their price objective on Travere Therapeutics from $54.00 to $56.00 and gave the stock a “buy” rating in a 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 issued a Sell rating to the stock. According to MarketBeat.com, Travere Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $50.83.

Travere Therapeutics Stock Up 3.0%

Shares of NASDAQ TVTX traded up $1.56 during mid-day trading on Monday, reaching $53.60. 1,185,526 shares of the company’s stock were exchanged, compared to its average volume of 2,205,803. The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16. Travere Therapeutics has a twelve month low of $13.88 and a twelve month high of $53.80. The business has a fifty day simple moving average of $41.70 and a 200 day simple moving average of $35.26. The firm has a market capitalization of $4.98 billion, a price-to-earnings ratio of -232.66 and a beta of 1.13.

Travere Therapeutics (NASDAQ:TVTX) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.29. The company had revenue of $127.20 million during the quarter, compared to the consensus estimate of $136.23 million. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. The firm’s revenue was up 55.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.47) earnings per share. As a group, equities analysts expect that Travere Therapeutics will post -0.29 EPS for the current fiscal year.

Insider Activity at Travere Therapeutics

In related news, insider William E. Rote sold 2,763 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total value of $121,433.85. Following the transaction, the insider owned 115,474 shares in the company, valued at approximately $5,075,082.30. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jula Inrig sold 2,174 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $46.65, for a total value of $101,417.10. Following the completion of the transaction, the insider directly owned 113,549 shares of the company’s stock, 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 worth $15,614,528 in the last quarter. 4.44% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Travere Therapeutics

A number of institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. bought a new position in shares of Travere Therapeutics in the second quarter worth about $33,000. Fifth Third Bancorp acquired a new stake in Travere Therapeutics in the first quarter valued at approximately $35,000. State of Wyoming bought a new stake in Travere Therapeutics during the 4th quarter worth $37,000. Torren Management LLC acquired a new stake in shares of Travere Therapeutics during the fourth quarter valued at about $38,000. Finally, Comerica Bank boosted its position 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 buying an additional 492 shares during the period.

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.