Travere Therapeutics (NASDAQ:TVTX) Hits New 12-Month High - Here's What Happened

Key Points

• Travere Therapeutics shares reached a new 52-week high, trading as high as $68.23 and closing around $66.46, supported by a predominantly positive analyst outlook.
• Analysts maintain a consensus “Moderate Buy” rating, with a consensus price target of $61.67; several firms recently raised their targets to $75.
• The company exceeded quarterly expectations, reporting an adjusted loss of $0.10 per share versus estimates of $0.13 and revenue of $169.58 million, up 48.2% year over year.

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $68.23 and last traded at $66.4610, with a volume of 173014 shares. The stock had previously closed at $66.07.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TVTX. Wells Fargo & Company boosted their target price on Travere Therapeutics from $50.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, June 12th. Wedbush upped their price objective 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. Piper Sandler reiterated an "overweight" rating on shares of Travere Therapeutics in a research note on Monday, August 17th. Guggenheim upped their price target on shares of Travere Therapeutics from $65.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings lowered shares of Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 23rd. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Travere Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $61.67.

Travere Therapeutics Trading Up 0.4%

The firm's 50 day moving average is $60.55 and its 200 day moving average is $46.77. The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The company has a market cap of $6.25 billion, a PE ratio of -144.14 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) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $169.58 million during the quarter, compared to the consensus estimate of $157.27 million. During the same period last year, the firm earned $0.13 EPS. The business's quarterly revenue was up 48.2% compared to the same quarter last year. On average, equities analysts anticipate that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current year.

Insider Transactions at Travere Therapeutics

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

Institutional Investors Weigh In On Travere Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new position in shares of Travere Therapeutics in the 2nd quarter worth $33,000. GAMMA Investing LLC increased its stake in Travere Therapeutics by 53.4% in the second quarter. GAMMA Investing LLC now owns 606 shares of the company's stock valued at $34,000 after acquiring an additional 211 shares during the last quarter. Fifth Third Bancorp bought a new position in Travere Therapeutics in the first quarter valued at $35,000. State of Wyoming purchased a new stake in Travere Therapeutics during the fourth quarter valued at about $37,000. Finally, Comerica Bank raised its position in Travere Therapeutics by 77.5% during the fourth quarter. Comerica Bank now owns 1,127 shares of the company's stock valued at $43,000 after purchasing an additional 492 shares in the last quarter.

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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