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

Key Points

• Travere Therapeutics hit a new 52-week high, trading as high as $49.00 after closing previously at $47.08, reflecting continued momentum in the stock.
• Analyst sentiment remains positive, with multiple firms raising price targets and the stock carrying a Moderate Buy consensus rating; 10 analysts rate it Buy versus two Hold and one Sell.
• The company beat earnings expectations in its latest quarter, posting $0.05 EPS vs. an expected loss of $0.24, though revenue of $127.2 million came in below estimates and insiders have been active sellers recently.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $49.00 and last traded at $48.6350, with a volume of 197858 shares trading hands. The stock had previously closed at $47.08.

Wall Street Analyst Weigh In

TVTX has been the subject of several recent research reports. Guggenheim boosted their target price on shares of Travere Therapeutics from $54.00 to $56.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. HC Wainwright boosted their target price on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Wells Fargo & Company boosted their target price on shares of Travere Therapeutics from $40.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. TD Cowen upped their price objective on shares of Travere Therapeutics from $45.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, May 5th. Finally, Wedbush reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Travere Therapeutics in a report on Wednesday, June 3rd. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.92.

Travere Therapeutics Trading Up 2.9%

The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16. The business's fifty day simple moving average is $40.10 and its two-hundred day simple moving average is $34.86. The stock has a market capitalization of $4.50 billion, a P/E ratio of -211.51 and a beta of 1.13.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last issued its quarterly earnings results 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. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. The firm had revenue of $127.20 million during the quarter, compared to the consensus estimate of $136.23 million. During the same period in the prior year, the firm earned ($0.47) EPS. The business's revenue was up 55.6% on a year-over-year basis. As a group, analysts forecast that Travere Therapeutics, Inc. will post -0.29 earnings per share for the current year.

Insider Transactions at Travere Therapeutics

In other Travere Therapeutics news, Director Roy D. Baynes sold 4,500 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $46.65, for a total value of $209,925.00. Following the completion of the sale, the director directly owned 37,500 shares of the company's stock, valued at $1,749,375. This represents a 10.71% decrease in their position. The sale was disclosed in a document filed 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 stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total transaction of $91,240.20. Following the completion of the sale, the insider directly owned 105,211 shares of the company's stock, valued at approximately $4,624,023.45. This trade represents a 1.93% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 400,015 shares of company stock worth $15,895,428. 4.44% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Travere Therapeutics

A number of hedge funds have recently made changes to their positions in TVTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Travere Therapeutics by 13.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company's stock valued at $1,029,000 after buying an additional 6,831 shares in the last quarter. Norges Bank acquired a new position in shares of Travere Therapeutics in the 2nd quarter valued at $1,051,000. First Trust Advisors LP acquired a new position in shares of Travere Therapeutics in the 2nd quarter valued at $3,538,000. Cresset Asset Management LLC raised its stake in shares of Travere Therapeutics by 26.5% in the 2nd quarter. Cresset Asset Management LLC now owns 28,875 shares of the company's stock valued at $427,000 after buying an additional 6,047 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its stake in shares of Travere Therapeutics by 106.2% in the 2nd quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company's stock valued at $8,941,000 after buying an additional 311,137 shares in the last quarter.

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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