Travere Therapeutics (NASDAQ:TVTX) Releases Quarterly Earnings Results, Beats Estimates By $999.24 EPS

Travere Therapeutics (NASDAQ:TVTX) released its quarterly earnings results on Monday. The company reported $999.00 EPS for the quarter, beating the consensus estimate of ($0.24) by $999.24, Zacks reports. Travere Therapeutics had a negative net margin of 5.21% and a negative return on equity of 40.24%.

Travere Therapeutics Price Performance

Shares of TVTX traded up $0.83 during mid-day trading on Monday, reaching $44.95. The company had a trading volume of 1,890,011 shares, compared to its average volume of 2,142,074. The company’s 50 day simple moving average is $32.02 and its 200 day simple moving average is $32.59. Travere Therapeutics has a 1-year low of $13.88 and a 1-year high of $45.43. The company has a debt-to-equity ratio of 2.71, a quick ratio of 2.70 and a current ratio of 2.74. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of -149.83 and a beta of 1.13.

Insider Buying and Selling

In related news, insider William E. Rote sold 9,100 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $39.09, for a total value of $355,719.00. Following the completion of the transaction, the insider owned 113,987 shares in the company, valued at $4,455,751.83. This trade represents a 7.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth E. Reed sold 6,785 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $41.83, for a total transaction of $283,816.55. Following the transaction, the insider owned 105,211 shares of the company’s stock, valued at approximately $4,400,976.13. The trade was a 6.06% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 453,169 shares of company stock worth $16,369,723 in the last quarter. Corporate insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TVTX. Raymond James Financial Inc. bought a new position in Travere Therapeutics during the 2nd quarter worth approximately $33,000. State of Wyoming bought a new position in Travere Therapeutics during the 4th quarter worth approximately $37,000. Smartleaf Asset Management LLC raised its holdings in Travere Therapeutics by 69.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company’s stock worth $45,000 after purchasing an additional 487 shares during the last quarter. Headlands Technologies LLC bought a new position in Travere Therapeutics during the 2nd quarter worth approximately $73,000. Finally, Empowered Funds LLC bought a new position in Travere Therapeutics during the 4th quarter worth approximately $115,000.

Analysts Set New Price Targets

A number of brokerages have issued reports on TVTX. Canaccord Genuity Group increased their price objective 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Travere Therapeutics in a research note on Wednesday, January 21st. Guggenheim increased their price objective 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. reduced their price objective 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. Finally, Citigroup increased their price objective on shares of Travere Therapeutics from $48.00 to $53.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $42.67.

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.