Travere Therapeutics (NASDAQ:TVTX) Sets New 52-Week High - Here's Why

Key Points

• Travere Therapeutics reached a new 52-week high, trading as high as $62.75 and rising 14.4% from its prior close of $56.02.
• Analyst sentiment remains broadly positive: 10 analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $52.58, although one firm maintained a Sell rating.
• The company exceeded quarterly EPS expectations, reporting $0.05 versus the consensus estimate of a $0.24 loss, while revenue grew 55.6% year over year to $127.2 million despite remaining unprofitable.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $62.75 and last traded at $61.9330, with a volume of 5037 shares traded. The stock had previously closed at $56.02.

Wall Street Analyst Weigh In

TVTX has been the subject of several analyst reports. Wedbush increased their price target on shares of Travere Therapeutics from $55.00 to $61.00 and gave the company an "outperform" rating in a research report on Monday, June 22nd. Piper Sandler raised shares of Travere Therapeutics from a "neutral" rating to an "overweight" rating and set a $49.00 price target on the stock in a report on Tuesday, April 14th. Guggenheim reaffirmed a "buy" rating on shares of Travere Therapeutics in a research report on Wednesday. TD Cowen boosted their target price on Travere Therapeutics from $45.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings cut Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 23rd. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Travere Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $52.58.

Travere Therapeutics Trading Up 14.4%

The stock's fifty day simple moving average is $54.00 and its 200-day simple moving average is $40.65. 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 cap of $5.96 billion, a PE ratio of -278.68 and a beta of 1.12.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.24) by $0.29. The firm had revenue of $127.20 million for the quarter, compared to analyst estimates of $136.23 million. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. The business's quarterly revenue was up 55.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.47) earnings per share. On average, sell-side analysts forecast that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current year.

Insider Activity

In other Travere Therapeutics news, Director Timothy Coughlin sold 10,000 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.07, for a total transaction of $500,700.00. Following the sale, the director owned 56,250 shares in the company, valued at approximately $2,816,437.50. The trade was a 15.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 4,500 shares of Travere Therapeutics stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.00, for a total value of $225,000.00. Following the sale, the director directly owned 41,500 shares of the company's stock, valued at $2,075,000. This trade represents a 9.78% 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. 4.44% of the stock is currently owned by insiders.

Institutional Trading of Travere Therapeutics

Large investors have recently made changes to their positions in the business. State Street Corp raised its holdings in shares of Travere Therapeutics by 47.8% during the fourth quarter. State Street Corp now owns 4,756,666 shares of the company's stock worth $181,752,000 after purchasing an additional 1,538,827 shares during the last quarter. Wellington Management Group LLP lifted its position in Travere Therapeutics by 3,331.9% during the third quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company's stock valued at $28,715,000 after purchasing an additional 1,166,460 shares during the period. Fiera Capital Corp purchased a new stake in Travere Therapeutics in the fourth quarter valued at $33,398,000. Perceptive Advisors LLC purchased a new stake in Travere Therapeutics in the second quarter valued at $12,347,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Travere Therapeutics during the 2nd quarter worth about $10,348,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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