Travere Therapeutics (NASDAQ:TVTX) Sets New 52-Week High After Analyst Upgrade

Key Points

• Travere Therapeutics hit a new 52-week high after Wedbush raised its price target from $55 to $61 and kept an outperform rating. The stock traded as high as $56.47 during the session.
• Several other analysts have also turned more bullish, with recent target increases from firms including Piper Sandler, Canaccord Genuity, Wells Fargo, and Citigroup. The stock currently carries a consensus rating of Moderate Buy with an average target price of $51.33.
• The company recently reported quarterly EPS of $0.05, beating expectations, while revenue rose 55.6% year over year to $127.2 million. However, insiders have sold shares in recent months, including notable transactions by Elizabeth E. Reed and Sandra Calvin.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday after Wedbush raised their price target on the stock from $55.00 to $61.00. Wedbush currently has an outperform rating on the stock. Travere Therapeutics traded as high as $56.47 and last traded at $56.6440, with a volume of 96419 shares trading hands. The stock had previously closed at $55.15.

A number of other equities research analysts have also issued reports on the company. Piper Sandler raised Travere Therapeutics from a "neutral" rating to an "overweight" rating and set a $49.00 price target for the company in a research note on Tuesday, April 14th. Canaccord Genuity Group upped their price objective on Travere Therapeutics from $47.00 to $56.00 and gave the company a "buy" rating in a research report on Tuesday, April 14th. Guggenheim increased their target price on Travere Therapeutics from $54.00 to $56.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Wells Fargo & Company lifted their target price on Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, June 12th. Finally, Citigroup boosted their target price on shares of Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research note on Monday, June 15th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $51.33.

Insider Buying and Selling at Travere Therapeutics

In other Travere Therapeutics news, insider Elizabeth E. Reed sold 44,715 shares of the firm's stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $41.21, for a total transaction of $1,842,705.15. Following the transaction, the insider owned 111,996 shares of the company's stock, valued at approximately $4,615,355.16. This trade represents a 28.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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. Also, CAO Sandra Calvin sold 21,977 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $1,739,437.71. This represents 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 have sold 404,515 shares of company stock worth $16,340,228. 4.44% of the stock is currently owned by company insiders.

Institutional Trading of Travere Therapeutics

Hedge funds have recently bought and sold shares of the stock. State of Wyoming purchased a new position in shares of Travere Therapeutics in the 4th quarter valued at $37,000. Torren Management LLC purchased a new stake in shares of Travere Therapeutics during the 4th quarter worth $38,000. Comerica Bank boosted its position in Travere Therapeutics by 77.5% during the fourth quarter. Comerica Bank now owns 1,127 shares of the company's stock valued at $43,000 after purchasing an additional 492 shares in the last quarter. Fifth Third Bancorp bought a new stake in Travere Therapeutics during the first quarter valued at about $35,000. Finally, Smartleaf Asset Management LLC grew 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 purchasing an additional 487 shares during the last quarter.

Travere Therapeutics Price Performance

The firm has a market capitalization of $5.21 billion, a P/E ratio of -243.39 and a beta of 1.13. 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's fifty day simple moving average is $44.01 and its 200 day simple moving average is $35.91.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.24) by $0.29. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. The business had revenue of $127.20 million during the quarter, compared to analyst estimates of $136.23 million. During the same period in the prior year, the firm posted ($0.47) earnings per share. The company's quarterly revenue was up 55.6% on a year-over-year basis. On average, equities research analysts predict that Travere Therapeutics, Inc. will post -0.29 EPS for the current year.

About Travere Therapeutics

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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