Travere Therapeutics (NASDAQ:TVTX) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of Travere Therapeutics (NASDAQ:TVTX) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

A number of other equities analysts have also weighed in on the company. Wells Fargo & Company increased their price target on Travere Therapeutics from $27.00 to $35.00 and gave the company an “overweight” rating in a research report on Thursday, September 11th. Citigroup boosted their price objective on Travere Therapeutics from $34.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Piper Sandler raised their target price on shares of Travere Therapeutics from $26.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, November 4th. Jefferies Financial Group set a $35.00 target price on shares of Travere Therapeutics in a research report on Wednesday, September 10th. Finally, HC Wainwright restated a “buy” rating and set a $47.00 price target on shares of Travere Therapeutics in a report on Friday, September 19th. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.71.

Travere Therapeutics Price Performance

NASDAQ TVTX traded up $0.67 on Wednesday, reaching $34.56. The company’s stock had a trading volume of 869,614 shares, compared to its average volume of 1,826,456. Travere Therapeutics has a twelve month low of $12.91 and a twelve month high of $36.76. 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 50 day moving average is $27.40 and its two-hundred day moving average is $20.50. The stock has a market cap of $3.09 billion, a PE ratio of -16.93 and a beta of 0.90.

Travere Therapeutics (NASDAQ:TVTX) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.59. Travere Therapeutics had a negative net margin of 50.64% and a negative return on equity of 717.68%. The company had revenue of $164.86 million for the quarter, compared to analysts’ expectations of $106.09 million. During the same quarter in the previous year, the company posted ($0.70) EPS. The business’s revenue was up 162.1% compared to the same quarter last year. As a group, sell-side analysts predict that Travere Therapeutics will post -1.4 EPS for the current year.

Insider Transactions at Travere Therapeutics

In other news, CAO Sandra Calvin sold 67,115 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $36.00, for a total transaction of $2,416,140.00. Following the transaction, the chief accounting officer owned 48,545 shares of the company’s stock, valued at approximately $1,747,620. This represents a 58.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Elizabeth E. Reed sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $25.00, for a total value of $250,000.00. Following the completion of the transaction, the insider directly owned 89,878 shares in the company, valued at $2,246,950. The trade was a 10.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 223,941 shares of company stock valued at $7,221,380 in the last three months. 4.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Travere Therapeutics

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

About Travere Therapeutics

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.