Travere Therapeutics (NASDAQ:TVTX) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan cut its Travere Therapeutics price target from $90 to $86 but maintained an Overweight rating; the new target implies 73.39% upside from the prior close.
• Analyst sentiment is mixed but leans positive: the consensus rating is Moderate Buy with a $72.55 price target, while 11 analysts rate the stock Buy and two rate it Sell.
• Latest quarterly results showed revenue of $224.56 million, above estimates and up 36.2% year over year, but EPS of -$0.55 missed the -$0.06 consensus; insiders also sold about $79.5 million in shares over 90 days.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $90.00 to $86.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 73.39% from the stock's previous close.

Other research analysts have also recently issued reports about the company. Zacks Research cut Travere Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 20th. HC Wainwright reiterated a "buy" rating and set a $67.00 price objective on shares of Travere Therapeutics in a report on Tuesday, September 22nd. Leerink Partners decreased their price objective on Travere Therapeutics from $78.00 to $67.00 and set an "outperform" rating for the company in a research report on Thursday. Guggenheim lowered their target price on Travere Therapeutics from $89.00 to $78.00 and set a "buy" rating for the company in a research note on Wednesday, November 4th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Travere Therapeutics in a report on Friday, September 18th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Travere Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $72.55.

Travere Therapeutics Price Performance

Shares of TVTX stock opened at $49.60 on Friday. Travere Therapeutics has a 12-month low of $22.59 and a 12-month high of $68.73. The firm has a market capitalization of $4.76 billion, a price-to-earnings ratio of -38.45 and a beta of 1.11. The company has a quick ratio of 2.95, a current ratio of 3.00 and a debt-to-equity ratio of 26.72. The firm has a fifty day moving average of $57.40 and a 200-day moving average of $47.00.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The company reported ($0.55) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.49). The firm had revenue of $224.56 million during the quarter, compared to the consensus estimate of $195.29 million. Travere Therapeutics had a negative net margin of 18.66% and a negative return on equity of 185.69%. Travere Therapeutics's quarterly revenue was up 36.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 EPS. On average, equities research analysts forecast that Travere Therapeutics will post -0.90 earnings per share for the current year.

Insider Activity at Travere Therapeutics

In other news, EVP Peter Heerma sold 172,717 shares of the company's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $63.43, for a total transaction of $10,955,439.31. Following the completion of the transaction, the executive vice president directly owned 117,066 shares of the company's stock, valued at $7,425,496.38. This represents a 59.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jula Inrig sold 44,674 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $62.34, for a total value of $2,784,977.16. Following the transaction, the executive vice president owned 100,491 shares of the company's stock, valued at approximately $6,264,608.94. The trade was a 30.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,294,029 shares of company stock valued at $79,454,261 over the last ninety days. Company insiders own 4.44% of the company's stock.

Institutional Trading of Travere Therapeutics

A number of institutional investors have recently made changes to their positions in the business. Diversified Trust Co raised its stake in shares of Travere Therapeutics by 4.5% during the 3rd quarter. Diversified Trust Co now owns 36,874 shares of the company's stock worth $2,171,000 after purchasing an additional 1,593 shares in the last quarter. Aberdeen Group plc boosted its holdings in shares of Travere Therapeutics by 483.3% in the 3rd quarter. Aberdeen Group plc now owns 728,295 shares of the company's stock valued at $42,882,000 after buying an additional 603,440 shares during the last quarter. JW Asset Management LLC grew its stake in shares of Travere Therapeutics by 50.0% in the third quarter. JW Asset Management LLC now owns 45,000 shares of the company's stock valued at $2,650,000 after buying an additional 15,000 shares in the last quarter. Allworth Financial LP grew its stake in shares of Travere Therapeutics by 98.7% in the third quarter. Allworth Financial LP now owns 1,657 shares of the company's stock valued at $94,000 after buying an additional 823 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Travere Therapeutics by 96.6% in the third quarter. Russell Investments Group Ltd. now owns 778,340 shares of the company's stock valued at $45,829,000 after buying an additional 382,371 shares in the last quarter.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare diseases, with an emphasis on kidney and metabolic disorders. The company was formerly known as Retrophin and adopted the Travere Therapeutics name in 2020.

Its commercial products include FILSPARI (sparsentan), an oral treatment approved in the United States for adults with primary IgA nephropathy at risk of disease progression, and THIOLA EC (tiopronin), used to help prevent cystine kidney stones in people with cystinuria.

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