Travere Therapeutics (NASDAQ:TVTX) Sets New 12-Month High – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $68.03 and last traded at $67.2130, with a volume of 111599 shares changing hands. The stock had previously closed at $67.23.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Guggenheim increased their target price on Travere Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Evercore set a $78.00 target price on shares of Travere Therapeutics in a research report on Monday, August 10th. Weiss Ratings cut shares of Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 23rd. Wells Fargo & Company boosted their price objective on Travere Therapeutics from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Finally, Citigroup boosted their price target on Travere Therapeutics from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Travere Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $61.67.

Travere Therapeutics Price Performance

The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The stock has a market capitalization of $6.25 billion, a price-to-earnings ratio of -144.20 and a beta of 1.05. The stock has a 50 day moving average price of $59.95 and a 200-day moving average price of $45.71.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.03. The firm had revenue of $169.58 million during the quarter, compared to analysts’ expectations of $157.27 million. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. Travere Therapeutics’s revenue was up 48.2% compared to the same quarter last year. During the same period last year, the business earned $0.13 earnings per share. On average, analysts forecast that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current year.

Insider Buying and Selling at Travere Therapeutics

In related news, Director Roy D. Baynes sold 4,500 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $50.00, for a total transaction of $225,000.00. Following the completion of the sale, the director owned 41,500 shares in the company, valued at $2,075,000. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.07, for a total value of $500,700.00. Following the transaction, the director directly owned 56,250 shares in the company, valued at approximately $2,816,437.50. The trade was a 15.09% 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. Insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TVTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Travere Therapeutics by 13.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company’s stock worth $1,029,000 after buying an additional 6,831 shares during the last quarter. Norges Bank purchased a new stake in Travere Therapeutics during the second quarter valued at about $1,051,000. First Trust Advisors LP purchased a new position in shares of Travere Therapeutics in the 2nd quarter worth about $3,538,000. Cresset Asset Management LLC raised its holdings in shares of Travere Therapeutics by 26.5% in the 2nd quarter. Cresset Asset Management LLC now owns 28,875 shares of the company’s stock worth $427,000 after purchasing an additional 6,047 shares during the period. Finally, Qube Research & Technologies Ltd lifted its stake in shares of Travere Therapeutics by 106.2% in the 2nd quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company’s stock valued at $8,941,000 after purchasing an additional 311,137 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.