Travere Therapeutics (NASDAQ:TVTX) Shares Up 7.7% - Still a Buy?

Key Points

• Stock jumped 7.7% to $32.78 on Monday with mid-day volume ~660,834 shares (down 66% vs. average); market cap is $2.89B and the 50-/200-day moving averages are $29.20/$30.91.
• Analysts give a consensus Moderate Buy (10 Buys, 3 Holds, 1 Sell) with a $39 average target and individual targets as high as $49; recent moves include JPMorgan trimming its target to $41 and Piper Sandler raising its target to $38.
• Insiders sold ~302,512 shares (~$9.44M) in the past 90 days (insider ownership 4.19%), even as institutions like State Street and Wellington materially increased their stakes.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report)'s stock price rose 7.7% during trading on Monday . The stock traded as high as $33.78 and last traded at $32.7790. Approximately 660,834 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 1,917,977 shares. The stock had previously closed at $30.44.

Analyst Ratings Changes

TVTX has been the subject of a number of research analyst reports. Weiss Ratings restated a "sell (e+)" rating on shares of Travere Therapeutics in a report on Wednesday, January 21st. Wall Street Zen lowered Travere Therapeutics from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 21st. Guggenheim restated a "buy" rating and issued a $49.00 price target on shares of Travere Therapeutics in a research note on Wednesday, January 14th. Piper Sandler upped their price objective on Travere Therapeutics from $35.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. dropped their target price on Travere Therapeutics from $44.00 to $41.00 and set an "overweight" rating for the company in a report on Wednesday, March 25th. Ten equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $39.00.

Travere Therapeutics Trading Up 3.1%

The company has a market cap of $2.89 billion, a P/E ratio of -104.77 and a beta of 0.86. The firm's 50 day moving average is $29.20 and its two-hundred day moving average is $30.91. The company has a quick ratio of 2.70, a current ratio of 2.74 and a debt-to-equity ratio of 2.71.

Insider Activity

In other Travere Therapeutics news, insider Elizabeth E. Reed sold 10,000 shares of the firm's stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $27.34, for a total value of $273,400.00. Following the transaction, the insider directly owned 90,270 shares of the company's stock, valued at approximately $2,467,981.80. This trade represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Heerma sold 7,310 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $32.12, for a total value of $234,797.20. Following the completion of the sale, the insider directly owned 131,823 shares of the company's stock, valued at $4,234,154.76. The trade was a 5.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 302,512 shares of company stock valued at $9,442,369. Corporate insiders own 4.19% of the company's stock.

Institutional Trading of Travere Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of TVTX. Stephens Investment Management Group LLC bought a new position in Travere Therapeutics during the third quarter valued at about $38,232,000. State Street Corp increased its position in Travere Therapeutics by 47.8% in the fourth quarter. State Street Corp now owns 4,756,666 shares of the company's stock worth $181,752,000 after buying an additional 1,538,827 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Travere Therapeutics by 3,331.9% in the third quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company's stock valued at $28,715,000 after buying an additional 1,166,460 shares during the period. Frazier Life Sciences Management L.P. bought a new position in shares of Travere Therapeutics during the 2nd quarter worth $14,831,000. Finally, Fiera Capital Corp bought a new stake in Travere Therapeutics in the 4th quarter valued at about $33,398,000.

Travere Therapeutics Company Profile

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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