Citigroup Issues Positive Forecast for Travere Therapeutics (NASDAQ:TVTX) Stock Price

Key Points

• Citigroup raised its price target on Travere Therapeutics from $62 to $70 and kept a buy rating, implying about 30.6% upside from the prior close.
• Other analysts remain mostly constructive: the stock carries a Moderate Buy consensus with an average target of $50.83, though opinions are mixed across firms.
• Travere shares rose 3.0% to $53.60 after the company beat EPS estimates in its latest quarter, even as revenue came in below expectations.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) had its price objective upped by equities researchers at Citigroup from $62.00 to $70.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective indicates a potential upside of 30.60% from the stock's previous close.

Several other equities analysts also recently commented on the stock. Piper Sandler raised shares of Travere Therapeutics from a "neutral" rating to an "overweight" rating and set a $49.00 target price on the stock in a research report on Tuesday, April 14th. Wall Street Zen downgraded Travere Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Wedbush reissued an "outperform" rating and set a $55.00 target price on shares of Travere Therapeutics in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. decreased their price target on shares of Travere Therapeutics from $44.00 to $41.00 and set an "overweight" rating for the company in a report on Wednesday, March 25th. Finally, Guggenheim increased their price objective on Travere Therapeutics from $54.00 to $56.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.83.

Travere Therapeutics Stock Up 3.0%

Shares of Travere Therapeutics stock traded up $1.56 on Monday, hitting $53.60. 1,185,526 shares of the company traded hands, compared to its average volume of 2,205,803. The company has a quick ratio of 3.08, a current ratio of 3.13 and a debt-to-equity ratio of 3.16. Travere Therapeutics has a 12-month low of $13.88 and a 12-month high of $53.80. The company has a 50-day moving average price of $41.70 and a 200 day moving average price of $35.26. The company has a market cap of $4.98 billion, a PE ratio of -232.66 and a beta of 1.13.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.29. The company had revenue of $127.20 million during the quarter, compared to the consensus estimate of $136.23 million. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.The business's quarterly revenue was up 55.6% on a year-over-year basis. During the same period last year, the business earned ($0.47) EPS. Sell-side analysts predict that Travere Therapeutics will post -0.29 earnings per share for the current year.

Insider Activity at Travere Therapeutics

In other news, Director Roy D. Baynes sold 32,750 shares of Travere Therapeutics stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $41.29, for a total transaction of $1,352,247.50. Following the sale, the director directly owned 37,500 shares in the company, valued at approximately $1,548,375. The trade was a 46.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric M. Dube sold 64,000 shares of Travere Therapeutics stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $41.09, for a total value of $2,629,760.00. Following the sale, the chief executive officer directly owned 432,886 shares in the company, valued at $17,787,285.74. The trade was a 12.88% 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 390,015 shares of company stock worth $15,614,528 in the last ninety days. Company insiders own 4.44% of the company's stock.

Institutional Trading of Travere Therapeutics

Several large investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its position in Travere Therapeutics by 69.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company's stock worth $45,000 after acquiring an additional 487 shares during the last quarter. Comerica Bank raised its position in shares of Travere Therapeutics by 77.5% during the fourth quarter. Comerica Bank now owns 1,127 shares of the company's stock worth $43,000 after acquiring an additional 492 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Travere Therapeutics by 4.1% during the fourth quarter. ProShare Advisors LLC now owns 19,007 shares of the company's stock valued at $726,000 after acquiring an additional 756 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Travere Therapeutics by 26.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,348 shares of the company's stock valued at $166,000 after purchasing an additional 902 shares during the period. Finally, State of Wyoming bought a new stake in shares of Travere Therapeutics during the fourth quarter worth approximately $37,000.

About Travere Therapeutics

Travere Therapeutics, Inc NASDAQ: TVTX is a biopharmaceutical company headquartered in San Diego, California, dedicated to the development and commercialization of therapies for rare kidney and genetic disorders. The company's mission is to address unmet needs in conditions with limited treatment options by focusing on diseases that affect small patient populations. Travere combines research, development and commercial capabilities to bring innovative medicines to market.

The company's lead product is sparsentan, a dual endothelin angiotensin receptor antagonist that has received accelerated approval from the U.S.

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