Travere Therapeutics (NASDAQ:TVTX) Hits New 52-Week High - Time to Buy?

Key Points

• Travere Therapeutics shares have reached a new 52-week high, trading at $26.63 after previously closing at $21.64, with a trading volume of 326,364 shares.
• Numerous analysts have upgraded their ratings on Travere Therapeutics, with 13 analysts rating the stock as a Buy and a consensus target price of $33.43.
• The company's quarterly earnings report showed a revenue increase of 111.5% year-over-year, although it still reported a loss of $0.14 per share, surpassing analyst expectations of a higher loss.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $25.55 and last traded at $26.63, with a volume of 326364 shares trading hands. The stock had previously closed at $21.64.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TVTX. Stifel Nicolaus raised their price objective on shares of Travere Therapeutics from $20.00 to $25.00 and gave the company a "hold" rating in a research note on Friday. Wall Street Zen upgraded shares of Travere Therapeutics from a "hold" rating to a "buy" rating in a report on Monday, September 1st. Jefferies Financial Group set a $35.00 target price on shares of Travere Therapeutics in a report on Wednesday. HC Wainwright restated a "buy" rating and set a $47.00 target price on shares of Travere Therapeutics in a report on Wednesday, September 10th. Finally, Wells Fargo & Company raised their target price on shares of Travere Therapeutics from $27.00 to $35.00 and gave the company an "overweight" rating in a report on Thursday. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Travere Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $34.20.

Travere Therapeutics Trading Down 1.7%

The business's 50-day moving average price is $17.72 and its 200 day moving average price is $17.36. The company has a debt-to-equity ratio of 9.50, a current ratio of 2.00 and a quick ratio of 1.98. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -11.26 and a beta of 0.78.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. Travere Therapeutics had a negative net margin of 50.64% and a negative return on equity of 717.68%. The business had revenue of $94.84 million for the quarter, compared to analysts' expectations of $100.18 million. During the same period in the previous year, the company posted ($0.65) earnings per share. The business's revenue for the quarter was up 111.5% compared to the same quarter last year. On average, equities analysts forecast that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. raised its holdings in Travere Therapeutics by 0.3% in the second quarter. Prudential Financial Inc. now owns 244,256 shares of the company's stock valued at $3,615,000 after acquiring an additional 615 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Travere Therapeutics by 3.5% in the second quarter. Teacher Retirement System of Texas now owns 22,688 shares of the company's stock valued at $336,000 after acquiring an additional 773 shares in the last quarter. Arizona State Retirement System raised its holdings in Travere Therapeutics by 4.3% in the first quarter. Arizona State Retirement System now owns 23,364 shares of the company's stock valued at $419,000 after acquiring an additional 968 shares in the last quarter. E Fund Management Co. Ltd. raised its holdings in Travere Therapeutics by 8.6% in the first quarter. E Fund Management Co. Ltd. now owns 13,553 shares of the company's stock valued at $243,000 after acquiring an additional 1,072 shares in the last quarter. Finally, Sio Capital Management LLC raised its holdings in Travere Therapeutics by 1.0% in the second quarter. Sio Capital Management LLC now owns 122,210 shares of the company's stock valued at $1,809,000 after acquiring an additional 1,210 shares in the last quarter.

About Travere Therapeutics

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.