Travere Therapeutics (NASDAQ:TVTX) Sets New 52-Week High - Should You Buy?

Key Points

• Travere Therapeutics reached a new 52-week high of $66.38, with shares last trading near $65.99 and the company valued at approximately $6.22 billion.
• Analyst sentiment is broadly positive: 10 analysts rate the stock a Buy, two recommend Hold and one recommends Sell. The consensus is “Moderate Buy,” though the average price target of $61.67 is below the current share price.
• The company exceeded quarterly expectations, reporting a loss of $0.10 per share versus estimates of $0.13 and revenue of $169.58 million, up 48.2% year over year. Travere remains unprofitable, with analysts forecasting a full-year loss of $0.56 per share.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $66.38 and last traded at $65.99, with a volume of 187528 shares trading hands. The stock had previously closed at $64.46.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TVTX shares. Wedbush boosted their target price on shares of Travere Therapeutics from $61.00 to $75.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Piper Sandler reaffirmed an "overweight" rating on shares of Travere Therapeutics in a research report on Monday. Wells Fargo & Company raised their price objective on shares of Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. Weiss Ratings downgraded shares of Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 23rd. Finally, Canaccord Genuity Group upped their price target on Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $61.67.

Travere Therapeutics Price Performance

The company's 50 day moving average price is $57.85 and its 200 day moving average price is $43.46. The company has a market cap of $6.22 billion, a price-to-earnings ratio of -143.37 and a beta of 1.12. The company has a current ratio of 4.05, a quick ratio of 3.99 and a debt-to-equity ratio of 24.58.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.03. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The company had revenue of $169.58 million for the quarter, compared to analyst estimates of $157.27 million. During the same quarter in the prior year, the company earned $0.13 earnings per share. Travere Therapeutics's revenue was up 48.2% compared to the same quarter last year. Equities research analysts forecast that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Timothy Coughlin sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.07, for a total transaction of $500,700.00. Following the transaction, the director owned 56,250 shares in the company, valued at $2,816,437.50. This trade represents a 15.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 that occurred on Friday, June 12th. The stock was sold at an average price of $50.00, for a total transaction of $225,000.00. Following the completion of the transaction, the director directly owned 41,500 shares in the company, valued at $2,075,000. This represents a 9.78% 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. 4.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Travere Therapeutics

Institutional investors have recently modified their holdings of the stock. Penn Capital Management Company LLC boosted its stake in Travere Therapeutics by 18.1% during the 2nd quarter. Penn Capital Management Company LLC now owns 14,968 shares of the company's stock valued at $850,000 after purchasing an additional 2,292 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Travere Therapeutics by 3.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 142,368 shares of the company's stock worth $8,088,000 after purchasing an additional 5,343 shares during the period. Wellington Management Group LLP lifted its stake in shares of Travere Therapeutics by 50.0% in the 2nd quarter. Wellington Management Group LLP now owns 1,533,080 shares of the company's stock valued at $87,094,000 after purchasing an additional 510,808 shares during the period. Palo Alto Investors LP bought a new stake in shares of Travere Therapeutics in the 2nd quarter valued at $9,517,095,000. Finally, Empowered Funds LLC bought a new position in Travere Therapeutics during the 2nd quarter worth about $4,977,000.

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.

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