Travere Therapeutics' (TVTX) "Outperform" Rating Reaffirmed at Wedbush

Key Points

• Wedbush reaffirmed its “Outperform” rating on Travere Therapeutics and maintained a $76 price target, implying approximately 20.9% upside from the prior close.
• Analyst sentiment remains generally positive, with 10 Buy ratings, one Hold, and one Sell; the consensus rating is “Moderate Buy” with an average target price of $68.10.
• Travere reported quarterly revenue of $169.58 million, up 48.2% year over year, and an adjusted loss of $0.10 per share that beat expectations. Meanwhile, insiders sold roughly 1.05 million shares worth $66.3 million over the past three months.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report)'s stock had its "outperform" rating reaffirmed by investment analysts at Wedbush in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $76.00 price target on the stock. Wedbush's target price indicates a potential upside of 20.90% from the company's previous close.

Several other equities analysts also recently commented on TVTX. Piper Sandler reaffirmed an "overweight" rating on shares of Travere Therapeutics in a research report on Monday, August 17th. Evercore set a $78.00 target price on shares of Travere Therapeutics in a research note on Monday, August 10th. Citigroup upped their price target on shares of Travere Therapeutics from $70.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. TD Cowen raised their price target on shares of Travere Therapeutics from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Travere Therapeutics in a research note on Friday. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $68.10.

Travere Therapeutics Price Performance

TVTX stock opened at $62.86 on Tuesday. Travere Therapeutics has a 12 month low of $22.06 and a 12 month high of $68.73. The company has a current ratio of 4.05, a quick ratio of 3.99 and a debt-to-equity ratio of 24.58. The company has a 50-day moving average price of $61.89 and a 200 day moving average price of $48.98. The stock has a market cap of $5.93 billion, a PE ratio of -136.65 and a beta of 1.05.

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

Insider Transactions at Travere Therapeutics

In related news, EVP Jula Inrig sold 44,674 shares of Travere Therapeutics stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $62.34, for a total transaction of $2,784,977.16. Following the transaction, the executive vice president directly owned 100,491 shares of the company's stock, valued at $6,264,608.94. This trade represents a 30.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William E. Rote sold 112,850 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $63.33, for a total transaction of $7,146,790.50. Following the completion of the transaction, the insider directly owned 98,197 shares of the company's stock, valued at $6,218,816.01. This trade represents a 53.47% decrease in their position. 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. In the last three months, insiders have sold 1,050,294 shares of company stock worth $66,336,443. Insiders own 4.44% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TVTX. GAMMA Investing LLC boosted its position in Travere Therapeutics by 53.4% during the second quarter. GAMMA Investing LLC now owns 606 shares of the company's stock valued at $34,000 after purchasing an additional 211 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of Travere Therapeutics during the first quarter worth $35,000. Allworth Financial LP acquired a new position in shares of Travere Therapeutics during the second quarter valued at about $47,000. Integrated Wealth Concepts LLC acquired a new position in shares of Travere Therapeutics during the second quarter valued at about $70,000. Finally, IFP Advisors Inc raised its position in shares of Travere Therapeutics by 11,770.0% in the 4th quarter. IFP Advisors Inc now owns 2,374 shares of the company's stock valued at $91,000 after purchasing an additional 2,354 shares during the last quarter.

About Travere Therapeutics

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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