Guggenheim Has Lowered Expectations for Travere Therapeutics (NASDAQ:TVTX) Stock Price

Key Points

• Guggenheim lowered its price target on Travere Therapeutics from $89 to $78 but maintained a Buy rating; the new target implies 55.5% upside from the prior close.
• Quarterly results were mixed: revenue of $224.6 million exceeded estimates and grew 36.2% year over year, while adjusted earnings of -$0.55 per share missed the -$0.10 consensus.
• Analyst sentiment is broadly positive, with 10 Buy ratings and two Sell ratings and a consensus target of $68.40; company insiders sold about 1.29 million shares worth $79.5 million over the prior 90 days.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) had its price target decreased by stock analysts at Guggenheim from $89.00 to $78.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Guggenheim's price target indicates a potential upside of 55.51% from the stock's previous close.

Several other brokerages have also recently weighed in on TVTX. Zacks Research cut Travere Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 20th. Citigroup upped their target price on shares of Travere Therapeutics from $70.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Canaccord Genuity Group upped their target price on shares of Travere Therapeutics from $62.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. HC Wainwright reiterated a "buy" rating and issued a $67.00 target price on shares of Travere Therapeutics in a report on Tuesday, September 22nd. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Travere Therapeutics in a research report on Friday, September 18th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Travere Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $68.40.

Travere Therapeutics Stock Up 1.5%

TVTX stock traded up $0.75 during mid-day trading on Wednesday, reaching $50.16. 185,188 shares of the company traded hands, compared to its average volume of 2,034,152. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of -39.03 and a beta of 1.11. The company has a quick ratio of 3.99, a current ratio of 4.05 and a debt-to-equity ratio of 24.58. Travere Therapeutics has a fifty-two week low of $22.59 and a fifty-two week high of $68.73. The firm's 50 day moving average price is $58.42 and its 200 day moving average price is $46.67.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The company reported ($0.55) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.45). The company had revenue of $224.56 million for the quarter, compared to the consensus estimate of $195.29 million. Travere Therapeutics had a negative return on equity of 152.48% and a negative net margin of 18.66%. The business's revenue for the quarter was up 36.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.28 earnings per share. As a group, equities research analysts predict that Travere Therapeutics will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Travere Therapeutics

In other Travere Therapeutics news, CEO Eric M. Dube sold 243,735 shares of the company's stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $53.82, for a total value of $13,117,817.70. Following the completion of the transaction, the chief executive officer owned 432,886 shares in the company, valued at $23,297,924.52. This represents a 36.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William E. Rote sold 112,850 shares of the firm's stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $63.33, for a total value of $7,146,790.50. Following the sale, the insider directly owned 98,197 shares of the company's stock, valued at approximately $6,218,816.01. This represents a 53.47% 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. Insiders sold a total of 1,294,029 shares of company stock valued at $79,454,261 in the last ninety days. 4.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Travere Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in TVTX. GAMMA Investing LLC lifted its holdings in Travere Therapeutics by 53.4% during the 2nd quarter. GAMMA Investing LLC now owns 606 shares of the company's stock worth $34,000 after purchasing an additional 211 shares in the last quarter. Allworth Financial LP purchased a new position in Travere Therapeutics during the 2nd quarter valued at about $47,000. Fifth Third Bancorp purchased a new position in Travere Therapeutics during the 1st quarter valued at about $35,000. Integrated Wealth Concepts LLC bought a new stake in shares of Travere Therapeutics during the second quarter valued at about $70,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of Travere Therapeutics by 1,604.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,642 shares of the company's stock valued at $101,000 after buying an additional 2,487 shares during the period.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare diseases, with an emphasis on serious kidney conditions. The company's work centers on addressing diseases with limited treatment options and improving outcomes for patients with progressive renal disorders.

Travere's lead commercial product is FILSPARI (sparsentan), an oral treatment for adults with primary immunoglobulin A nephropathy (IgA nephropathy) who are at risk of disease progression.

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