Travere Therapeutics (NASDAQ:TVTX) Issues Quarterly Earnings Results

Key Points

• Travere Therapeutics reported a quarterly loss of $0.37 per share, missing analysts’ consensus estimate of a $0.13 loss by $0.24. The company also posted a negative 4.00% net margin and negative 26.16% return on equity.
• Shares rose 2.3% to $56.24 during Tuesday trading, giving Travere a market capitalization of approximately $5.23 billion. The stock remains near its 52-week high of $60.10.
• Analyst sentiment remains favorable, with 10 Buy, two Hold, and one Sell rating; the consensus rating is Moderate Buy, with an average price target of $52.58.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) announced its earnings results on Tuesday. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.24), Zacks reports. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.

Travere Therapeutics Trading Up 2.3%

TVTX traded up $1.26 during mid-day trading on Tuesday, hitting $56.24. The stock had a trading volume of 1,867,374 shares, compared to its average volume of 2,104,494. The stock's fifty day simple moving average is $53.77 and its 200-day simple moving average is $40.46. 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 firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of -244.49 and a beta of 1.12. Travere Therapeutics has a 1-year low of $15.60 and a 1-year high of $60.10.

Analyst Ratings Changes

TVTX has been the topic of a number of recent research reports. Wells Fargo & Company increased their price objective on Travere Therapeutics from $50.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Canaccord Genuity Group raised their price target on Travere Therapeutics from $56.00 to $62.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Guggenheim boosted their price objective on Travere Therapeutics from $56.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. 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. Finally, TD Cowen lifted their price target 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. Ten equities 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 company. According to data from MarketBeat.com, Travere Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.58.

Insider Buying and Selling

In related news, CEO Eric M. Dube sold 22,500 shares of the company's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total value of $988,875.00. Following the completion of the sale, the chief executive officer owned 432,886 shares in the company, valued at $19,025,339.70. This represents a 4.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth E. Reed sold 2,076 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total value of $91,240.20. Following the sale, the insider directly owned 105,211 shares in the company, valued at $4,624,023.45. The trade was a 1.93% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 42,460 shares of company stock worth $1,954,542 over the last ninety days. Insiders own 4.44% of the company's stock.

Institutional Investors Weigh In On Travere Therapeutics

A number of hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. acquired a new position in shares of Travere Therapeutics in the 2nd quarter valued at approximately $33,000. State of Wyoming acquired a new stake in Travere Therapeutics during the 4th quarter worth approximately $37,000. Smartleaf Asset Management LLC lifted its stake in Travere Therapeutics by 69.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company's stock valued at $45,000 after buying an additional 487 shares in the last quarter. Headlands Technologies LLC bought a new position in Travere Therapeutics in the second quarter valued at approximately $73,000. Finally, Empowered Funds LLC acquired a new position in shares of Travere Therapeutics in the fourth quarter valued at approximately $115,000.

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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