Travere Therapeutics (NASDAQ:TVTX) Stock Price Up 5.5% - Time to Buy?

Key Points

• Travere Therapeutics shares rose 5.5% on Wednesday, trading as high as $45.46 after closing at $42.96 the prior day. Trading volume was notably lighter than average, with about 760,793 shares changing hands.
• Analyst sentiment remains constructive: Piper Sandler upgraded the stock to overweight, and the broader analyst consensus is Moderate Buy with an average price target of $48.67. Several firms also raised or reiterated bullish price targets in recent reports.
• The company beat earnings expectations in its latest quarter, posting EPS of $0.05 versus an expected loss of $0.24, while revenue rose 55.6% year over year to $127.2 million. Insider selling was also reported, though the transactions were made under pre-arranged 10b5-1 trading plans.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report)'s share price shot up 5.5% during trading on Wednesday . The stock traded as high as $45.46 and last traded at $45.31. 760,793 shares changed hands during trading, a decline of 65% from the average session volume of 2,203,089 shares. The stock had previously closed at $42.96.

Analysts Set New Price Targets

A number of brokerages have weighed in on TVTX. Piper Sandler raised Travere Therapeutics from a "neutral" rating to an "overweight" rating and set a $49.00 target price for the company in a research report on Tuesday, April 14th. JPMorgan Chase & Co. cut their target price on shares of Travere Therapeutics from $44.00 to $41.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 25th. Wedbush restated an "outperform" rating and issued a $55.00 price target on shares of Travere Therapeutics in a report on Wednesday. Canaccord Genuity Group lifted their price objective on shares of Travere Therapeutics from $47.00 to $56.00 and gave the company a "buy" rating in a report on Tuesday, April 14th. Finally, Guggenheim upped their target price on Travere Therapeutics from $54.00 to $56.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $48.67.

Travere Therapeutics Stock Performance

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 stock has a market cap of $4.17 billion, a PE ratio of -194.95 and a beta of 1.13. The business's 50-day moving average price is $38.29 and its 200-day moving average price is $34.51.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its earnings results on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.29. The company had revenue of $127.20 million during the quarter, compared to the consensus estimate of $136.23 million. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. Travere Therapeutics's revenue was up 55.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.47) earnings per share. As a group, equities research analysts expect that Travere Therapeutics, Inc. will post -0.26 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Sandra Calvin sold 21,977 shares of the company's stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $41.07, for a total transaction of $902,595.39. Following the transaction, the chief accounting officer directly owned 42,353 shares of the company's stock, valued at $1,739,437.71. This represents a 34.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jula Inrig sold 20,000 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $45.00, for a total value of $900,000.00. Following the completion of the sale, the insider owned 111,473 shares of the company's stock, valued at approximately $5,016,285. This trade represents a 15.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold 400,015 shares of company stock worth $15,895,428 over the last quarter. Company insiders own 4.44% of the company's stock.

Institutional Trading of Travere Therapeutics

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Travere Therapeutics by 10.3% during the third quarter. Vanguard Group Inc. now owns 6,613,368 shares of the company's stock worth $158,059,000 after buying an additional 619,085 shares during the period. State Street Corp raised its stake in Travere Therapeutics by 47.8% in the 4th quarter. State Street Corp now owns 4,756,666 shares of the company's stock worth $181,752,000 after acquiring an additional 1,538,827 shares during the last quarter. Perceptive Advisors LLC raised its stake in Travere Therapeutics by 12.7% in the 4th quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company's stock worth $163,469,000 after acquiring an additional 483,565 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in Travere Therapeutics by 27.4% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 2,784,000 shares of the company's stock worth $41,203,000 after acquiring an additional 599,102 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Travere Therapeutics by 28.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company's stock valued at $85,849,000 after purchasing an additional 494,665 shares during the last quarter.

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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