Travere Therapeutics (NASDAQ:TVTX) Shares Up 5% Following Analyst Upgrade

Key Points

• Travere Therapeutics' shares rose by 5% following an upgrade from Wall Street Zen, moving from a hold rating to a buy rating.
• Equities analysts have shown strong support for the company, with 13 analysts rating the stock as Buy and a consensus price target of $33.43.
• The company reported a revenue increase of 111.5% year-over-year, with quarterly earnings exceeding expectations, reporting ($0.14) earnings per share against a consensus estimate of ($0.28).

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report)'s share price rose 5% during mid-day trading on Tuesday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $18.31 and last traded at $18.37. Approximately 180,628 shares changed hands during trading, a decline of 89% from the average daily volume of 1,640,927 shares. The stock had previously closed at $17.50.

A number of other research firms have also recently weighed in on TVTX. Scotiabank reiterated an "outperform" rating on shares of Travere Therapeutics in a research report on Thursday, August 7th. Wedbush lifted their price objective on Travere Therapeutics from $30.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Citigroup restated a "buy" rating on shares of Travere Therapeutics in a report on Sunday, August 10th. Finally, HC Wainwright lifted their price objective on Travere Therapeutics from $30.00 to $47.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Thirteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $33.43.

Hedge Funds Weigh In On Travere Therapeutics

Several hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new position in Travere Therapeutics in the 4th quarter valued at $31,000. Raymond James Financial Inc. purchased a new position in Travere Therapeutics in the 2nd quarter valued at $33,000. Caitong International Asset Management Co. Ltd purchased a new position in Travere Therapeutics in the 1st quarter valued at $62,000. KBC Group NV purchased a new position in Travere Therapeutics in the 1st quarter valued at $75,000. Finally, Gen Wealth Partners Inc purchased a new position in Travere Therapeutics in the 4th quarter valued at $73,000.

Travere Therapeutics Stock Up 2.3%

The business has a fifty day simple moving average of $16.83 and a two-hundred day simple moving average of $17.35. The company has a current ratio of 2.00, a quick ratio of 1.98 and a debt-to-equity ratio of 9.50. The company has a market cap of $1.93 billion, a PE ratio of -10.61 and a beta of 0.79.

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

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.