Travere Therapeutics (NASDAQ:TVTX) Shares Gap Down – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $34.10, but opened at $23.01. Travere Therapeutics shares last traded at $24.0150, with a volume of 6,212,025 shares.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TVTX. HC Wainwright reaffirmed a “buy” rating and issued a $47.00 target price on shares of Travere Therapeutics in a research note on Friday, November 28th. Guggenheim reissued a “buy” rating and issued a $49.00 price target on shares of Travere Therapeutics in a report on Wednesday. Citigroup raised their price objective on Travere Therapeutics from $34.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Wall Street Zen upgraded Travere Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 13th. Finally, TD Cowen increased their price target on Travere Therapeutics from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.86.

Travere Therapeutics Stock Performance

The stock has a fifty day simple moving average of $35.42 and a 200-day simple moving average of $26.30. The stock has a market cap of $2.54 billion, a P/E ratio of -26.79, a PEG ratio of 1.02 and a beta of 0.85. The company has a debt-to-equity ratio of 4.23, a quick ratio of 2.71 and a current ratio of 2.75.

Travere Therapeutics (NASDAQ:TVTX) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.59. The company had revenue of $164.86 million for the quarter, compared to analyst estimates of $106.09 million. Travere Therapeutics had a negative return on equity of 178.68% and a negative net margin of 20.32%.The company’s quarterly revenue was up 162.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.70) earnings per share. On average, equities analysts expect that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current year.

Insider Activity

In other news, CEO Eric M. Dube sold 92,872 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $30.38, for a total transaction of $2,821,451.36. Following the completion of the transaction, the chief executive officer directly owned 419,173 shares of the company’s stock, valued at $12,734,475.74. This trade represents a 18.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy Coughlin sold 18,000 shares of the business’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $35.03, for a total transaction of $630,540.00. Following the completion of the sale, the director directly owned 55,500 shares in the company, valued at approximately $1,944,165. This represents a 24.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 323,226 shares of company stock worth $11,290,656. 4.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Travere Therapeutics

Large investors have recently modified their holdings of the business. Arizona State Retirement System increased its position in shares of Travere Therapeutics by 1.5% in the third quarter. Arizona State Retirement System now owns 24,964 shares of the company’s stock valued at $597,000 after acquiring an additional 375 shares during the last quarter. Prudential Financial Inc. grew its stake in Travere Therapeutics by 0.3% in the second quarter. Prudential Financial Inc. now owns 244,256 shares of the company’s stock valued at $3,615,000 after purchasing an additional 615 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of Travere Therapeutics by 3.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 22,688 shares of the company’s stock worth $336,000 after purchasing an additional 773 shares during the last quarter. Diversified Trust Co increased its position in shares of Travere Therapeutics by 3.5% during the 3rd quarter. Diversified Trust Co now owns 23,695 shares of the company’s stock worth $566,000 after purchasing an additional 796 shares during the last quarter. Finally, Sio Capital Management LLC raised its stake in shares of Travere Therapeutics by 1.0% during the 2nd quarter. Sio Capital Management LLC now owns 122,210 shares of the company’s stock worth $1,809,000 after purchasing an additional 1,210 shares in the last quarter.

Travere Therapeutics Company Profile

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.