Travere Therapeutics (NASDAQ:TVTX) Shares Gap Down - Here's Why

Key Points

• Travere Therapeutics shares opened lower at $23.22, down from a previous close of $23.90, with a trading volume of 117,389 shares.
• Equities analysts remain optimistic, with a consensus rating of "Moderate Buy" and an average price target of $34.20 for the stock.
• Insider Elizabeth E. Reed sold 10,000 shares at $25.00 each, reducing her stake by 10.01%, amidst significant institutional investment increases in Travere Therapeutics.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $23.90, but opened at $23.22. Travere Therapeutics shares last traded at $23.81, with a volume of 117,389 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on TVTX shares. Citigroup reiterated a "buy" rating on shares of Travere Therapeutics in a report on Sunday, August 10th. HC Wainwright reiterated a "buy" rating and issued a $47.00 price target on shares of Travere Therapeutics in a report on Friday, September 19th. Jefferies Financial Group set a $35.00 price target on Travere Therapeutics in a report on Wednesday, September 10th. Stifel Nicolaus upped their price objective on Travere Therapeutics from $20.00 to $25.00 and gave the stock a "hold" rating in a research note on Friday, September 12th. Finally, Wall Street Zen downgraded Travere Therapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, September 20th. Thirteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $34.20.

Travere Therapeutics Stock Performance

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 cap of $2.17 billion, a price-to-earnings ratio of -11.93 and a beta of 0.79. The company has a fifty day moving average price of $19.66 and a two-hundred day moving average price of $17.78.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.28) by $0.14. Travere Therapeutics had a negative return on equity of 717.68% and a negative net margin of 50.64%.The business had revenue of $94.84 million during the quarter, compared to analyst estimates of $100.18 million. During the same quarter last year, the company posted ($0.65) EPS. Travere Therapeutics's revenue for the quarter was up 111.5% on a year-over-year basis. As a group, equities research analysts expect that Travere Therapeutics, Inc. will post -1.4 EPS for the current year.

Insiders Place Their Bets

In other Travere Therapeutics news, insider Elizabeth E. Reed sold 10,000 shares of the company's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $25.00, for a total value of $250,000.00. Following the transaction, the insider directly owned 89,878 shares of the company's stock, valued at $2,246,950. This represents a 10.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 10,573 shares of company stock valued at $260,608. Corporate insiders own 4.06% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. grew its holdings in Travere Therapeutics by 479.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 2,184,898 shares of the company's stock valued at $39,153,000 after buying an additional 1,808,098 shares during the last quarter. Armistice Capital LLC lifted its position in shares of Travere Therapeutics by 20.6% in the 1st quarter. Armistice Capital LLC now owns 8,872,000 shares of the company's stock worth $158,986,000 after acquiring an additional 1,514,000 shares during the period. Nuveen LLC bought a new stake in shares of Travere Therapeutics in the 1st quarter worth approximately $21,569,000. Frazier Life Sciences Management L.P. bought a new stake in shares of Travere Therapeutics in the 2nd quarter worth approximately $14,831,000. Finally, Perceptive Advisors LLC bought a new position in shares of Travere Therapeutics during the 2nd quarter worth approximately $12,347,000.

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.

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