Travere Therapeutics (NASDAQ:TVTX) Hits New 1-Year High - What's Next?

Key Points

• Travere Therapeutics reached a new 52-week high of $68.03, with shares last trading near $67.21 and a market capitalization of approximately $6.25 billion.
• Analyst sentiment remains favorable, with 10 Buy, two Hold, and one Sell rating; recent price targets range from $65 to $75, although the consensus target is $61.67.
• The company exceeded quarterly expectations, reporting a narrower-than-expected loss of $0.10 per share and $169.58 million in revenue, up 48.2% year over year, despite remaining unprofitable.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $68.03 and last traded at $67.2130, with a volume of 111599 shares. The stock had previously closed at $67.23.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Canaccord Genuity Group boosted their price objective on Travere Therapeutics from $62.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Guggenheim raised their target price on Travere Therapeutics from $65.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Wells Fargo & Company boosted their price target on Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. HC Wainwright boosted their price target on Travere Therapeutics from $57.00 to $67.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Finally, Wedbush boosted their target price on shares of Travere Therapeutics from $61.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.67.

Travere Therapeutics Stock Performance

The firm has a 50 day moving average price of $59.95 and a 200-day moving average price of $45.71. 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 market cap of $6.25 billion, a P/E ratio of -144.20 and a beta of 1.05.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly earnings results 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 firm 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%. The business's revenue for the quarter was up 48.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 EPS. On average, research analysts predict that Travere Therapeutics, Inc. will post -0.56 EPS for the current year.

Insider Buying and Selling

In other Travere Therapeutics news, Director Roy D. Baynes sold 4,500 shares of Travere Therapeutics stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.00, for a total value of $225,000.00. Following the transaction, the director owned 41,500 shares of the company's stock, valued at approximately $2,075,000. The trade was a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $50.07, for a total transaction of $500,700.00. Following the transaction, the director owned 56,250 shares of the company's stock, valued at $2,816,437.50. The trade was a 15.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Travere Therapeutics

Institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Travere Therapeutics by 13.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company's stock valued at $1,029,000 after acquiring an additional 6,831 shares in the last quarter. Norges Bank purchased a new position in Travere Therapeutics in the second quarter valued at approximately $1,051,000. First Trust Advisors LP bought a new position in shares of Travere Therapeutics during the 2nd quarter worth $3,538,000. Cresset Asset Management LLC grew its stake in Travere Therapeutics by 26.5% in the 2nd quarter. Cresset Asset Management LLC now owns 28,875 shares of the company's stock valued at $427,000 after buying an additional 6,047 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in shares of Travere Therapeutics by 106.2% in the second quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company's stock worth $8,941,000 after acquiring an additional 311,137 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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