JPMorgan Chase & Co. Has Lowered Expectations for Travere Therapeutics (NASDAQ:TVTX) Stock Price

Key Points

• JPMorgan cut its price target on Travere from $44 to $41 but maintained an overweight rating, with the new target implying roughly a 53.6% upside from the stock's prior close.
• The stock trades around $26.70 (market cap $2.46B) while the analyst consensus is a “Moderate Buy” (11 Buys, 3 Holds, 1 Sell) with a consensus target of $38.38, indicating notable analyst-implied upside versus the current price.
• Insiders have sold about 234,543 shares (~$7.37M) in the past three months (insiders own 4.06%), even as major institutions—Vanguard, State Street, Perceptive, Adage and Renaissance—have materially increased their stakes.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) had its price objective reduced by analysts at JPMorgan Chase & Co. from $44.00 to $41.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 53.56% from the company's previous close.

Several other equities analysts also recently commented on the company. Piper Sandler increased their price target on Travere Therapeutics from $35.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, February 6th. Weiss Ratings restated a "sell (e+)" rating on shares of Travere Therapeutics in a report on Wednesday, January 21st. Guggenheim reiterated a "buy" rating and issued a $49.00 price objective on shares of Travere Therapeutics in a research note on Wednesday, January 14th. HC Wainwright reissued a "buy" rating and set a $47.00 price objective on shares of Travere Therapeutics in a research report on Friday, November 28th. Finally, Wall Street Zen lowered Travere Therapeutics from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 21st. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $38.38.

Travere Therapeutics Stock Down 0.3%

Shares of NASDAQ:TVTX traded down $0.09 on Wednesday, reaching $26.70. The company had a trading volume of 140,864 shares, compared to its average volume of 1,982,351. The stock has a market capitalization of $2.46 billion, a P/E ratio of -90.33 and a beta of 0.81. The stock has a 50-day moving average price of $29.12 and a 200 day moving average price of $30.60. Travere Therapeutics has a twelve month low of $12.91 and a twelve month high of $42.13. The company has a quick ratio of 2.70, a current ratio of 2.74 and a debt-to-equity ratio of 2.71.

Insider Activity at Travere Therapeutics

In other news, insider Elizabeth E. Reed sold 10,000 shares of the business's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $28.09, for a total transaction of $280,900.00. Following the sale, the insider directly owned 105,211 shares in the company, valued at approximately $2,955,376.99. The trade was a 8.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Sandra Calvin sold 4,333 shares of the company's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $32.12, for a total value of $139,175.96. Following the completion of the transaction, the chief accounting officer owned 49,080 shares of the company's stock, valued at $1,576,449.60. The trade was a 8.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 234,543 shares of company stock worth $7,368,175 in the last three months. Company insiders own 4.06% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Travere Therapeutics by 10.3% during the third quarter. Vanguard Group Inc. now owns 6,613,368 shares of the company's stock valued at $158,059,000 after purchasing an additional 619,085 shares in the last quarter. State Street Corp boosted its stake in Travere Therapeutics by 47.8% in the 4th quarter. State Street Corp now owns 4,756,666 shares of the company's stock valued at $181,752,000 after buying an additional 1,538,827 shares in the last quarter. Perceptive Advisors LLC boosted its stake in Travere Therapeutics by 12.7% in the 4th quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company's stock valued at $163,469,000 after buying an additional 483,565 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in Travere Therapeutics by 27.4% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,784,000 shares of the company's stock valued at $41,203,000 after acquiring an additional 599,102 shares during the period. Finally, Renaissance Technologies LLC grew its position in Travere Therapeutics by 28.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company's stock valued at $85,849,000 after acquiring an additional 494,665 shares during the period.

Travere Therapeutics Company Profile

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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