Travere Therapeutics (NASDAQ:TVTX) Given New $32.00 Price Target at Wedbush

Key Points

• Analysts at Wedbush have increased their price target for Travere Therapeutics from $30.00 to $32.00, signaling a potential upside of 85.61% based on the current price.
• The company's recent earnings report showed a quarterly revenue of $94.84 million, exceeding analysts' expectations, despite a loss of ($0.14) earnings per share.
• Overall, Travere Therapeutics holds a consensus rating of "Moderate Buy" with 13 buy ratings, indicating strong investor interest in the stock's growth potential.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) had its target price raised by investment analysts at Wedbush from $30.00 to $32.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's target price suggests a potential upside of 86.40% from the stock's current price.

Several other analysts also recently weighed in on TVTX. Scotiabank restated an "outperform" rating on shares of Travere Therapeutics in a research note on Friday, April 11th. HC Wainwright reissued a "buy" rating and issued a $30.00 target price on shares of Travere Therapeutics in a report on Tuesday, July 1st. Citigroup cut their price target on Travere Therapeutics from $35.00 to $32.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Travere Therapeutics in a research note on Wednesday, April 23rd. Finally, Canaccord Genuity Group lifted their price objective on shares of Travere Therapeutics from $45.00 to $47.00 and gave the stock a "buy" rating in a research report on Thursday, April 10th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $32.21.

Travere Therapeutics Stock Performance

NASDAQ TVTX traded up $0.23 on Thursday, hitting $17.17. 413,961 shares of the company's stock were exchanged, compared to its average volume of 1,643,717. The company has a debt-to-equity ratio of 9.50, a current ratio of 2.00 and a quick ratio of 1.98. The firm's 50-day moving average price is $15.46 and its two-hundred day moving average price is $17.76. Travere Therapeutics has a fifty-two week low of $8.31 and a fifty-two week high of $25.29. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -8.43 and a beta of 0.74.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. The company 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 business's revenue for the quarter was up 111.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.65) EPS. On average, research analysts expect that Travere Therapeutics will post -1.4 EPS for the current year.

Hedge Funds Weigh In On Travere Therapeutics

Large investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Travere Therapeutics during the fourth quarter worth $1,237,000. Wellington Management Group LLP acquired a new position in Travere Therapeutics during the fourth quarter worth $583,000. Franklin Resources Inc. purchased a new stake in Travere Therapeutics during the fourth quarter worth about $631,000. Geode Capital Management LLC boosted its position in Travere Therapeutics by 6.4% during the fourth quarter. Geode Capital Management LLC now owns 1,842,301 shares of the company's stock worth $32,100,000 after purchasing an additional 111,256 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Travere Therapeutics by 7.1% in the fourth quarter. Federated Hermes Inc. now owns 668,315 shares of the company's stock valued at $11,642,000 after acquiring an additional 44,500 shares during the period.

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.