Travere Therapeutics (NASDAQ:TVTX) Shares Gap Up on Analyst Upgrade

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) shares gapped up prior to trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $15.00 to $18.00. The stock had previously closed at $6.55, but opened at $7.40. Canaccord Genuity Group currently has a buy rating on the stock. Travere Therapeutics shares last traded at $7.26, with a volume of 224,770 shares trading hands.

A number of other equities research analysts have also weighed in on the stock. HC Wainwright raised their price target on shares of Travere Therapeutics from $17.00 to $19.00 and gave the company a "buy" rating in a report on Wednesday, April 24th. Wells Fargo & Company raised their price target on shares of Travere Therapeutics from $8.00 to $9.00 and gave the stock an "equal weight" rating in a research report on Friday, February 16th. Guggenheim reaffirmed a "neutral" rating on shares of Travere Therapeutics in a research report on Wednesday, March 27th. Piper Sandler raised their target price on shares of Travere Therapeutics from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Thursday, January 18th. Finally, Wedbush restated an "outperform" rating and issued a $13.00 target price on shares of Travere Therapeutics in a research note on Wednesday, April 17th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $16.69.

Institutional Trading of Travere Therapeutics

Several institutional investors have recently modified their holdings of the company. GSA Capital Partners LLP bought a new stake in Travere Therapeutics in the first quarter worth about $452,000. Oak Ridge Investments LLC grew its position in Travere Therapeutics by 13.3% in the first quarter. Oak Ridge Investments LLC now owns 65,926 shares of the company's stock worth $508,000 after buying an additional 7,744 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Travere Therapeutics by 8.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,178 shares of the company's stock valued at $387,000 after buying an additional 3,754 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Travere Therapeutics by 68.6% during the first quarter. China Universal Asset Management Co. Ltd. now owns 14,652 shares of the company's stock valued at $113,000 after purchasing an additional 5,962 shares during the last quarter. Finally, Rice Hall James & Associates LLC grew its position in Travere Therapeutics by 4.5% during the 1st quarter. Rice Hall James & Associates LLC now owns 73,400 shares of the company's stock worth $566,000 after purchasing an additional 3,140 shares in the last quarter.

Travere Therapeutics Stock Performance

The company has a market capitalization of $513.74 million, a price-to-earnings ratio of -4.29 and a beta of 0.69. The firm's 50 day simple moving average is $7.04 and its 200-day simple moving average is $7.61. The company has a debt-to-equity ratio of 1.88, a quick ratio of 3.41 and a current ratio of 3.47.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly earnings results on Monday, May 6th. The company reported ($1.76) EPS for the quarter, missing the consensus estimate of ($0.98) by ($0.78). The firm had revenue of $41.40 million during the quarter, compared to the consensus estimate of $43.46 million. Travere Therapeutics had a negative net margin of 56.02% and a negative return on equity of 177.97%. The company's quarterly revenue was up 34.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.27) EPS. Analysts expect that Travere Therapeutics, Inc. will post -3.1 EPS for the current year.

About Travere Therapeutics

Travere Therapeutics, Inc, a biopharmaceutical company, identifies, develops, and delivers therapies to people living with rare kidney and metabolic diseases. Its products include FILSPARI (sparsentan), a once-daily, oral medication designed to target two critical pathways in the disease progression of IgA Nephropathy (endothelin 1 and angiotensin-II); and Thiola and Thiola EC (tiopronin tablets) for the treatment of cystinuria, a rare genetic cystine transport disorder that causes high cystine levels in the urine and the formation of recurring kidney stones.