Short Interest in Travere Therapeutics, Inc. (NASDAQ:TVTX) Rises By 857,233.3%

Key Points

• Travere Therapeutics experienced a significant increase in short interest, rising by 857,233.3% to a total of 12.86 million shares as of July 15th, contributing to a days-to-cover ratio of 7.9 days.
• The company's stock dropped 0.9%, closing at $15.31 with a current market capitalization of $1.36 billion.
• Travere Therapeutics reported an 83.3% increase in revenue year-over-year, achieving $81.73 million in the latest quarter, while also beating EPS estimates by $0.08.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) saw a large growth in short interest in July. As of July 15th, there was short interest totaling 12,860,000 shares, agrowthof857,233.3% from the June 30th total of 1,500 shares. Based on an average daily trading volume, of 1,620,000 shares, the short-interest ratio is presently 7.9 days. Based on an average daily trading volume, of 1,620,000 shares, the short-interest ratio is presently 7.9 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TVTX. Driehaus Capital Management LLC grew its stake in Travere Therapeutics by 608.1% in the fourth quarter. Driehaus Capital Management LLC now owns 2,217,975 shares of the company's stock valued at $38,637,000 after purchasing an additional 1,904,733 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in shares of Travere Therapeutics by 479.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 2,184,898 shares of the company's stock worth $39,153,000 after acquiring an additional 1,808,098 shares in the last quarter. Armistice Capital LLC boosted its stake in shares of Travere Therapeutics by 20.6% during the 1st quarter. Armistice Capital LLC now owns 8,872,000 shares of the company's stock worth $158,986,000 after acquiring an additional 1,514,000 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Travere Therapeutics during the 4th quarter worth about $21,075,000. Finally, Nuveen LLC bought a new stake in shares of Travere Therapeutics during the 1st quarter worth about $21,569,000.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TVTX. Cantor Fitzgerald reissued an "overweight" rating on shares of Travere Therapeutics in a research note on Wednesday, April 23rd. Citigroup cut their target price on Travere Therapeutics from $35.00 to $32.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Stifel Nicolaus boosted their target price on Travere Therapeutics from $22.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. HC Wainwright reaffirmed a "buy" rating and set a $30.00 target price on shares of Travere Therapeutics in a research report on Tuesday, July 1st. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Travere Therapeutics in a research report on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $32.14.

Travere Therapeutics Stock Up 3.5%

NASDAQ TVTX traded up $0.57 on Tuesday, reaching $16.53. The stock had a trading volume of 442,593 shares, compared to its average volume of 1,622,514. The business has a 50 day moving average price of $15.32 and a 200 day moving average price of $17.84. The company has a current ratio of 2.05, a quick ratio of 2.03 and a debt-to-equity ratio of 9.46. Travere Therapeutics has a 1 year low of $8.09 and a 1 year high of $25.29. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -5.87 and a beta of 0.74.

Travere Therapeutics Company Profile

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.