Scotiabank Issues Positive Forecast for Travere Therapeutics (NASDAQ:TVTX) Stock Price

Key Points

• Scotiabank increased the price target for Travere Therapeutics from $30.00 to $31.00, indicating a potential upside of 83.39% based on the stock's previous close.
• Multiple brokerages have issued varied price targets and ratings on the stock, with an average target price of $32.21 and a consensus rating of "Moderate Buy."
• Travere Therapeutics is currently trading at approximately $16.90, having seen a decline of 1.9% in its recent trading session.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) had its price objective lifted by investment analysts at Scotiabank from $30.00 to $31.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "sector outperform" rating on the stock. Scotiabank's price target would suggest a potential upside of 79.40% from the company's previous close.

A number of other research firms have also recently commented on TVTX. Citigroup dropped their price objective on Travere Therapeutics from $35.00 to $32.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Canaccord Genuity Group upped their price objective on shares of Travere Therapeutics from $45.00 to $47.00 and gave the company a "buy" rating in a research note on Thursday, April 10th. Wedbush upped their price objective on shares of Travere Therapeutics from $30.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday. HC Wainwright reaffirmed a "buy" rating and set a $30.00 price objective on shares of Travere Therapeutics in a research note on Tuesday, July 1st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Travere Therapeutics in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $32.21.

Travere Therapeutics Price Performance

NASDAQ:TVTX traded up $0.34 during trading hours on Thursday, hitting $17.28. The company's stock had a trading volume of 1,140,769 shares, compared to its average volume of 1,392,425. The business's 50-day moving average is $15.49 and its two-hundred day moving average is $17.74. The company has a market capitalization of $1.54 billion, a PE ratio of -8.47 and a beta of 0.74. The company has a debt-to-equity ratio of 9.50, a quick ratio of 1.98 and a current ratio of 2.00. Travere Therapeutics has a 52-week low of $8.31 and a 52-week high of $25.29.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.28) by $0.14. Travere Therapeutics had a negative return on equity of 717.68% and a negative net margin of 50.64%. The business had revenue of $94.84 million during the quarter, compared to analysts' expectations of $100.18 million. During the same quarter last year, the business posted ($0.65) earnings per share. The business's revenue for the quarter was up 111.5% on a year-over-year basis. As a group, research analysts anticipate that Travere Therapeutics will post -1.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Travere Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Knott David M Jr increased its position in Travere Therapeutics by 14.0% in the second quarter. Knott David M Jr now owns 260,000 shares of the company's stock worth $3,848,000 after buying an additional 32,000 shares during the period. Creative Planning increased its position in Travere Therapeutics by 26.0% in the second quarter. Creative Planning now owns 31,627 shares of the company's stock worth $468,000 after buying an additional 6,524 shares during the period. SG Americas Securities LLC acquired a new stake in Travere Therapeutics in the second quarter worth $473,000. Impax Asset Management Group plc increased its position in Travere Therapeutics by 58.3% in the second quarter. Impax Asset Management Group plc now owns 475,000 shares of the company's stock worth $7,030,000 after buying an additional 175,000 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey increased its position in Travere Therapeutics by 9.2% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 19,764 shares of the company's stock worth $293,000 after buying an additional 1,661 shares during the period.

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.