Wall Street Zen Downgrades Travere Therapeutics (NASDAQ:TVTX) to Hold

Key Points

• Wall Street Zen downgraded Travere Therapeutics from a "buy" to a "hold" rating, signaling a shift in analysts' outlook on the stock.
• Despite the downgrade, Travere's shares saw a modest increase of 0.7%, with a current price around $17.92.
• The company reported a 111.5% increase in revenue year-over-year, with Q2 earnings of ($0.14) per share, exceeding analyst expectations.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Sunday.

A number of other brokerages also recently weighed in on TVTX. Wedbush increased their price target on shares of Travere Therapeutics from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. HC Wainwright reissued a "buy" rating and issued a $30.00 target price on shares of Travere Therapeutics in a research note on Tuesday, July 1st. Citigroup reaffirmed a "buy" rating on shares of Travere Therapeutics in a report on Sunday, August 10th. Scotiabank reissued an "outperform" rating on shares of Travere Therapeutics in a report on Thursday, August 7th. Finally, Stifel Nicolaus boosted their price target on Travere Therapeutics from $22.00 to $23.00 and gave the company a "hold" rating in a research note on Friday, May 2nd. Thirteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $32.21.

Travere Therapeutics Stock Up 0.7%

Shares of NASDAQ:TVTX opened at $17.92 on Friday. Travere Therapeutics has a 12 month low of $8.50 and a 12 month high of $25.29. The company's 50-day moving average price is $16.05 and its two-hundred day moving average price is $17.60. The company has a quick ratio of 1.98, a current ratio of 2.00 and a debt-to-equity ratio of 9.50. The firm has a market cap of $1.60 billion, a P/E ratio of -8.78 and a beta of 0.74.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Armistice Capital LLC grew its stake in shares of Travere Therapeutics by 20.6% during 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. Adage Capital Partners GP L.L.C. grew its stake in shares of 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. Driehaus Capital Management LLC grew its stake in shares of Travere Therapeutics by 24.8% during the 1st quarter. Driehaus Capital Management LLC now owns 2,767,693 shares of the company's stock worth $49,597,000 after acquiring an additional 549,718 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Travere Therapeutics by 36.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,174,213 shares of the company's stock worth $37,875,000 after acquiring an additional 583,836 shares during the period. Finally, Emerald Advisers LLC grew its stake in shares of Travere Therapeutics by 0.7% during the 2nd quarter. Emerald Advisers LLC now owns 2,091,360 shares of the company's stock worth $30,952,000 after acquiring an additional 14,187 shares during the period.

Travere Therapeutics Company Profile

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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