Travere Therapeutics (NASDAQ:TVTX) Trading 7.6% Higher on Analyst Upgrade

Key Points

• Travere Therapeutics shares jumped 7.6% after Wells Fargo raised its price target from $50 to $65 and reiterated an overweight rating. The stock traded as high as $52.56 during the session.
• Other analysts have also been increasingly constructive, with several recent target-price increases from firms including Canaccord Genuity, Guggenheim, and HC Wainwright. Overall, the stock now carries a Moderate Buy consensus with a $50.17 average price target.
• The company recently reported quarterly EPS of $0.05, beating expectations of a loss, while revenue rose 55.6% year over year to $127.2 million. However, insiders have sold shares in recent months, including notable sales by Jula Inrig and Roy D. Baynes.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) shares rose 7.6% during mid-day trading on Friday after Wells Fargo & Company raised their price target on the stock from $50.00 to $65.00. Wells Fargo & Company currently has an overweight rating on the stock. Travere Therapeutics traded as high as $52.56 and last traded at $52.6510. Approximately 1,583,253 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 2,207,485 shares. The stock had previously closed at $48.91.

A number of other analysts have also weighed in on the stock. Canaccord Genuity Group upped their target price on shares of Travere Therapeutics from $47.00 to $56.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Guggenheim upped their target price on shares of Travere Therapeutics from $54.00 to $56.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. JPMorgan Chase & Co. dropped their price target on shares of Travere Therapeutics from $44.00 to $41.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 25th. HC Wainwright increased their price target on shares of Travere Therapeutics from $57.00 to $67.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings upgraded shares of Travere Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, May 21st. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Travere Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $50.17.

Insiders Place Their Bets

In related news, insider Jula Inrig sold 2,174 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $46.65, for a total transaction of $101,417.10. Following the completion of the sale, the insider directly owned 113,549 shares of the company's stock, valued at $5,297,060.85. This trade represents a 1.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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. Also, Director Roy D. Baynes sold 4,500 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $46.65, for a total value of $209,925.00. Following the sale, the director directly owned 37,500 shares of the company's stock, valued at approximately $1,749,375. This represents a 10.71% 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. In the last three months, insiders sold 400,015 shares of company stock valued at $15,895,428. 4.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Travere Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. State of Wyoming acquired a new stake in Travere Therapeutics in the fourth quarter valued at $37,000. Torren Management LLC acquired a new stake in Travere Therapeutics in the fourth quarter valued at $38,000. Comerica Bank lifted its holdings in Travere Therapeutics by 77.5% in the fourth quarter. Comerica Bank now owns 1,127 shares of the company's stock valued at $43,000 after acquiring an additional 492 shares during the period. Fifth Third Bancorp acquired a new stake in Travere Therapeutics in the first quarter valued at $35,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Travere Therapeutics by 69.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company's stock valued at $45,000 after acquiring an additional 487 shares during the period.

Travere Therapeutics Trading Up 7.1%

The company has a quick ratio of 3.08, a current ratio of 3.13 and a debt-to-equity ratio of 3.16. The business has a fifty day simple moving average of $41.29 and a 200 day simple moving average of $35.14. The company has a market cap of $4.87 billion, a price-to-earnings ratio of -228.51 and a beta of 1.13.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.29. The business had revenue of $127.20 million for the quarter, compared to analysts' expectations of $136.23 million. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.The company's revenue was up 55.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.47) EPS. On average, equities analysts anticipate that Travere Therapeutics, Inc. will post -0.29 EPS for the current fiscal year.

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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