Travere Therapeutics (NASDAQ:TVTX) Given New $35.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company raised the price target for Travere Therapeutics (NASDAQ:TVTX) from $27.00 to $35.00, indicating a potential upside of 28.16% from the current price.
• Thirteen analysts rate Travere as a Buy, contributing to an average price target of $34.07, reflecting strong sentiment in the market.
• Travere Therapeutics recently reported a quarterly earnings increase of 111.5% year-over-year, despite a negative EPS, highlighting the company’s growth potential despite challenges.

Travere Therapeutics (NASDAQ:TVTX - Free Report) had its target price upped by Wells Fargo & Company from $27.00 to $35.00 in a research report sent to investors on Thursday, MarketBeat reports. They currently have an overweight rating on the stock.

A number of other research analysts have also recently issued reports on TVTX. Citigroup reaffirmed a "buy" rating on shares of Travere Therapeutics in a report on Sunday, August 10th. Wedbush increased their target price on Travere Therapeutics from $30.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Scotiabank reiterated an "outperform" rating on shares of Travere Therapeutics in a research report on Thursday, August 7th. Jefferies Financial Group set a $35.00 target price on Travere Therapeutics in a research note on Wednesday, September 10th. Finally, Wall Street Zen raised Travere Therapeutics from a "hold" rating to a "buy" rating in a research note on Monday, September 1st. Thirteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Travere Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.20.

Travere Therapeutics Price Performance

TVTX stock traded up $0.15 during trading on Thursday, hitting $23.16. The company had a trading volume of 1,070,500 shares, compared to its average volume of 1,770,375. Travere Therapeutics has a fifty-two week low of $12.91 and a fifty-two week high of $28.69. 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 firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -11.33 and a beta of 0.78. The business has a 50 day moving average of $17.88 and a 200 day moving average of $17.37.

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

Hedge Funds Weigh In On Travere Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC lifted its stake in Travere Therapeutics by 98.7% during the second quarter. Squarepoint Ops LLC now owns 479,394 shares of the company's stock worth $7,095,000 after purchasing an additional 238,070 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Travere Therapeutics during the 2nd quarter valued at about $73,000. Tower Research Capital LLC TRC boosted its stake in shares of Travere Therapeutics by 609.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 24,998 shares of the company's stock valued at $370,000 after purchasing an additional 21,474 shares in the last quarter. Perceptive Advisors LLC bought a new position in shares of Travere Therapeutics during the second quarter valued at approximately $12,347,000. Finally, Man Group plc raised its holdings in Travere Therapeutics by 185.0% in the second quarter. Man Group plc now owns 139,044 shares of the company's stock worth $2,058,000 after buying an additional 90,265 shares during the last quarter.

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.