Travere Therapeutics, Inc. (NASDAQ:TVTX) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Travere Therapeutics has an average analyst rating of “Moderate Buy” from 13 brokerages, with 10 buy ratings, 2 hold ratings, and 1 sell rating. The average 12-month price target is about $52.08.
• Recent analyst action has been mostly positive, with multiple firms raising price targets, including HC Wainwright to $67, TD Cowen to $60, Wedbush to $61, and Canaccord to $56. JPMorgan was the exception, trimming its target from $44 to $41 while keeping an overweight rating.
• The company reported strong quarterly revenue growth of 55.6% year over year and beat EPS estimates with $0.05 per share, though revenue came in below expectations. Insider selling has also been notable, including sales by the CEO and CAO, while institutional investors such as State Street and Perceptive Advisors increased their stakes.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) has received an average rating of "Moderate Buy" from the thirteen brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $52.0833.

Several research firms have recently issued reports on TVTX. JPMorgan Chase & Co. cut their price target on Travere Therapeutics from $44.00 to $41.00 and set an "overweight" rating for the company in a research note on Wednesday, March 25th. HC Wainwright raised their price objective on Travere Therapeutics from $57.00 to $67.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. TD Cowen raised their target price on shares of Travere Therapeutics from $45.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Wedbush lifted their price objective on Travere Therapeutics from $55.00 to $61.00 and gave the company an "outperform" rating in a research note on Monday, June 22nd. Finally, Canaccord Genuity Group upped their price target on Travere Therapeutics from $47.00 to $56.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th.

Insiders Place Their Bets

In related news, CEO Eric M. Dube sold 64,000 shares of the stock in a transaction dated 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 owned 432,886 shares of the company's stock, valued at $17,787,285.74. This trade represents a 12.88% decrease in their position. The transaction 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, CAO Sandra Calvin sold 21,977 shares of the firm's stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $41.07, for a total transaction of $902,595.39. Following the completion of the sale, the chief accounting officer owned 42,353 shares in the company, valued at $1,739,437.71. The trade was a 34.16% 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. In the last ninety days, insiders sold 334,515 shares of company stock valued at $14,184,428. 4.44% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp grew its stake in shares of Travere Therapeutics by 47.8% in the 4th quarter. State Street Corp now owns 4,756,666 shares of the company's stock worth $181,752,000 after purchasing an additional 1,538,827 shares during the last quarter. Perceptive Advisors LLC raised its position in Travere Therapeutics by 12.7% during the fourth 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 during the period. Adage Capital Partners GP L.L.C. lifted its position in shares of 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 worth $41,203,000 after purchasing an additional 599,102 shares in the last quarter. Renaissance Technologies LLC lifted its position in Travere Therapeutics by 28.2% in the 4th quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company's stock worth $85,849,000 after buying an additional 494,665 shares in the last quarter. Finally, Rock Springs Capital Management LP boosted its position in Travere Therapeutics by 2.1% during the fourth quarter. Rock Springs Capital Management LP now owns 2,210,322 shares of the company's stock valued at $84,456,000 after purchasing an additional 45,549 shares during the last quarter.

Travere Therapeutics Price Performance

Shares of NASDAQ TVTX opened at $56.90 on Friday. The company has a debt-to-equity ratio of 3.16, a current ratio of 3.13 and a quick ratio of 3.08. The stock has a fifty day moving average price of $47.64 and a 200 day moving average price of $37.33. Travere Therapeutics has a 1-year low of $14.44 and a 1-year high of $60.10. The company has a market cap of $5.29 billion, a PE ratio of -247.38 and a beta of 1.10.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.29. The company had revenue of $127.20 million for the quarter, compared to analysts' expectations of $136.23 million. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. Travere Therapeutics's revenue was up 55.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.47) EPS. Sell-side analysts forecast that Travere Therapeutics will post -0.25 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.