Travere Therapeutics (NASDAQ:TVTX) Reaches New 1-Year High – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $49.00 and last traded at $48.6350, with a volume of 197858 shares traded. The stock had previously closed at $47.08.

Wall Street Analysts Forecast Growth

TVTX has been the subject of several research reports. Wedbush restated an “outperform” rating and set a $55.00 price objective on shares of Travere Therapeutics in a research report on Wednesday, June 3rd. Guggenheim raised their target price on shares of Travere Therapeutics from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Wells Fargo & Company upped their price target on Travere Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Wall Street Zen downgraded Travere Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Piper Sandler raised Travere Therapeutics from a “neutral” rating to an “overweight” rating and set a $49.00 price objective for the company in a research note on Tuesday, April 14th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $48.92.

Travere Therapeutics Trading Down 3.8%

The company has a debt-to-equity ratio of 3.16, a quick ratio of 3.08 and a current ratio of 3.13. The company has a market cap of $4.35 billion, a PE ratio of -203.21 and a beta of 1.13. The company has a 50 day simple moving average of $40.91 and a two-hundred day simple moving average of $35.04.

Travere Therapeutics (NASDAQ:TVTX) last issued its earnings results on Monday, May 4th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.29. The firm had revenue of $127.20 million for the quarter, compared to the consensus estimate of $136.23 million. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.The business’s quarterly revenue was up 55.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.47) earnings per share. Sell-side analysts forecast that Travere Therapeutics, Inc. will post -0.29 EPS for the current year.

Insiders Place Their Bets

In other Travere Therapeutics news, insider Elizabeth E. Reed sold 2,076 shares of Travere Therapeutics stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total transaction of $91,240.20. Following the sale, the insider directly owned 105,211 shares of the company’s stock, valued at approximately $4,624,023.45. The trade was a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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. Also, CEO Eric M. Dube sold 22,500 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total value of $988,875.00. Following the completion of the transaction, the chief executive officer directly owned 432,886 shares of the company’s stock, valued at approximately $19,025,339.70. The trade was a 4.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 400,015 shares of company stock valued at $15,895,428 in the last three months. Company insiders own 4.44% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

Several institutional investors have recently added to or reduced their stakes in TVTX. State of Wyoming acquired a new position in shares of Travere Therapeutics in the 4th quarter worth approximately $37,000. Torren Management LLC acquired a new position in Travere Therapeutics in the fourth quarter worth $38,000. Comerica Bank grew its holdings in shares of Travere Therapeutics by 77.5% during the fourth quarter. Comerica Bank now owns 1,127 shares of the company’s stock worth $43,000 after purchasing an additional 492 shares during the last quarter. Fifth Third Bancorp acquired a new stake in shares of Travere Therapeutics in the first quarter valued at $35,000. Finally, Smartleaf Asset Management LLC lifted its position 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 buying an additional 487 shares in the last quarter.

About Travere Therapeutics

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.