Wedbush Issues Positive Forecast for Travere Therapeutics (NASDAQ:TVTX) Stock Price

Travere Therapeutics (NASDAQ:TVTX) had its price target lifted by stock analysts at Wedbush from $55.00 to $61.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price objective would suggest a potential upside of 10.61% from the stock’s previous close.

A number of other research firms have also issued reports on TVTX. TD Cowen lifted their price objective on shares of Travere Therapeutics from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Citigroup upped their target price on shares of Travere Therapeutics from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, June 15th. JPMorgan Chase & Co. lowered their price target on shares of Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Guggenheim lifted their price target on shares of Travere Therapeutics from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Finally, Piper Sandler raised shares of Travere Therapeutics from a “neutral” rating to an “overweight” rating and set a $49.00 price target on the stock in a research note on Tuesday, April 14th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.33.

Travere Therapeutics Stock Performance

Shares of TVTX opened at $55.15 on Monday. The stock’s 50-day moving average is $44.01 and its two-hundred day moving average is $35.91. The stock has a market cap of $5.13 billion, a PE ratio of -239.77 and a beta of 1.13. Travere Therapeutics has a 12 month low of $13.97 and a 12 month high of $55.99. The company has a debt-to-equity ratio of 3.16, a current ratio of 3.13 and a quick ratio of 3.08.

Travere Therapeutics (NASDAQ:TVTX) last posted its earnings results on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.29. The business had revenue of $127.20 million during the quarter, compared to analyst estimates of $136.23 million. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.The company’s revenue for the quarter was up 55.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.47) earnings per share. Equities analysts forecast that Travere Therapeutics will post -0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Roy D. Baynes sold 32,750 shares of the company’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $41.29, for a total value of $1,352,247.50. Following the sale, the director directly owned 37,500 shares of the company’s stock, valued at $1,548,375. This represents a 46.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jula Inrig sold 20,000 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $45.00, for a total transaction of $900,000.00. Following the transaction, the insider owned 111,473 shares in the company, valued at $5,016,285. This trade represents a 15.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 404,515 shares of company stock worth $16,340,228 over the last 90 days. 4.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Travere Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in Travere Therapeutics in the second quarter worth about $33,000. Fifth Third Bancorp acquired a new stake in Travere Therapeutics during the first quarter valued at 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 grew its position in shares of Travere Therapeutics by 77.5% in the 4th quarter. Comerica Bank now owns 1,127 shares of the company’s stock worth $43,000 after acquiring an additional 492 shares in 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.