Travere Therapeutics' (TVTX) Buy Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed its “buy” rating on Travere Therapeutics, maintaining a $67 price target that implies 6.59% upside from the stock’s $62.86 opening price.
• Analyst sentiment remains broadly positive, with the stock holding a consensus “Moderate Buy” rating and an average price target of $68 from 12 analysts.
• Travere reported better-than-expected quarterly results, including an adjusted loss of $0.10 per share versus the $0.13 consensus loss and revenue of $169.58 million, up 48.2% year over year; however, insiders sold more than 1 million shares over the past 90 days.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report)'s stock had its "buy" rating restated by research analysts at HC Wainwright in a research note issued on Tuesday, Benzinga reports. They currently have a $67.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 6.59% from the stock's current price.

Other research analysts also recently issued reports about the company. Guggenheim lifted their price target on Travere Therapeutics from $65.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Citigroup upped their price objective on Travere Therapeutics from $70.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Evercore set a $78.00 price objective on Travere Therapeutics in a research report on Monday, August 10th. Piper Sandler reiterated an "overweight" rating on shares of Travere Therapeutics in a research note on Monday, August 17th. Finally, Canaccord Genuity Group boosted their target price on shares of Travere Therapeutics from $62.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.00.

Travere Therapeutics Price Performance

Shares of TVTX opened at $62.86 on Tuesday. The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05. The company has a 50 day moving average price of $61.89 and a 200-day moving average price of $48.98. Travere Therapeutics has a fifty-two week low of $22.06 and a fifty-two week high of $68.73. The stock has a market capitalization of $5.93 billion, a PE ratio of -136.65 and a beta of 1.05.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.03. The company had revenue of $169.58 million for the quarter, compared to analyst estimates of $157.27 million. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. Travere Therapeutics's revenue was up 48.2% compared to the same quarter last year. During the same period last year, the company posted $0.13 earnings per share. Equities analysts predict that Travere Therapeutics will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Travere Therapeutics

In other news, CFO Christopher Cline sold 50,508 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $62.34, for a total transaction of $3,148,668.72. Following the transaction, the chief financial officer directly owned 87,508 shares of the company's stock, valued at approximately $5,455,248.72. This represents a 36.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William Rote sold 112,850 shares of the 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 owned 98,197 shares of the company's stock, valued at approximately $6,218,816.01. This represents a 53.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,050,294 shares of company stock valued at $66,336,443. Corporate insiders own 4.44% of the company's stock.

Institutional Investors Weigh In On Travere Therapeutics

A number of large investors have recently modified their holdings of TVTX. Integrated Wealth Concepts LLC purchased a new position in shares of Travere Therapeutics in the 2nd quarter valued at approximately $70,000. JW Asset Management LLC purchased a new stake in Travere Therapeutics during the 2nd quarter worth approximately $1,704,000. Nykredit A S purchased a new stake in Travere Therapeutics during the 2nd quarter worth approximately $237,000. Allianz Asset Management GmbH acquired a new position in Travere Therapeutics during the 2nd quarter valued at approximately $2,441,000. Finally, Corient Private Wealth LP increased its stake in Travere Therapeutics by 1.4% during the 2nd quarter. Corient Private Wealth LP now owns 48,125 shares of the company's stock valued at $2,734,000 after purchasing an additional 648 shares in the last quarter.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare kidney and immune-mediated diseases. The company's work is centered on conditions with significant unmet medical needs, including diseases that can lead to progressive kidney damage and kidney failure.

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

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