Travere Therapeutics’ (TVTX) “Buy” Rating Reiterated at HC Wainwright

Travere Therapeutics (NASDAQ:TVTX)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a report released on Tuesday, Benzinga reports. They currently have a $67.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 8.82% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. TD Cowen raised their target price on Travere Therapeutics from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Evercore set a $78.00 price objective on Travere Therapeutics in a research note on Monday, August 10th. Piper Sandler reissued an “overweight” rating on shares of Travere Therapeutics in a research note on Monday, August 17th. Citigroup raised their price objective on Travere Therapeutics from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Finally, Guggenheim raised their price objective on Travere Therapeutics from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $69.50.

Travere Therapeutics Stock Up 3.6%

Shares of Travere Therapeutics stock traded up $2.13 during midday trading on Tuesday, reaching $61.57. The company had a trading volume of 1,234,787 shares, compared to its average volume of 1,488,379. The stock has a fifty day moving average price of $62.17 and a 200 day moving average price of $49.89. The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. Travere Therapeutics has a fifty-two week low of $22.06 and a fifty-two week high of $68.73.

Travere Therapeutics (NASDAQ:TVTX) last released its earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.03. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The business had revenue of $169.58 million during the quarter, compared to analysts’ expectations of $157.27 million. During the same quarter last year, the firm posted $0.13 earnings per share. The firm’s revenue was up 48.2% on a year-over-year basis. On average, sell-side analysts anticipate that Travere Therapeutics will post -0.54 earnings per share for the current year.

Insider Activity at Travere Therapeutics

In related news, CFO Christopher Cline sold 50,508 shares of Travere Therapeutics stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $62.34, for a total transaction of $3,148,668.72. Following the transaction, the chief financial officer owned 87,508 shares of the company’s stock, valued at $5,455,248.72. The trade was a 36.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Heerma sold 172,717 shares of Travere Therapeutics stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $63.43, for a total value of $10,955,439.31. Following the transaction, the executive vice president directly owned 117,066 shares in the company, valued at approximately $7,425,496.38. The trade was a 59.60% decrease in their position. 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 have sold 1,050,294 shares of company stock valued at $66,336,443 over the last 90 days. Corporate insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in Travere Therapeutics by 53.4% during the second quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock worth $34,000 after acquiring an additional 211 shares during the period. Corient Private Wealth LP lifted its holdings in Travere Therapeutics by 1.4% during the second quarter. Corient Private Wealth LP now owns 48,125 shares of the company’s stock worth $2,734,000 after acquiring an additional 648 shares during the period. ProShare Advisors LLC lifted its holdings in Travere Therapeutics by 4.1% during the fourth quarter. ProShare Advisors LLC now owns 19,007 shares of the company’s stock worth $726,000 after acquiring an additional 756 shares during the period. Allworth Financial LP bought a new stake in Travere Therapeutics during the second quarter worth $47,000. Finally, Swiss National Bank lifted its holdings in Travere Therapeutics by 0.6% during the first quarter. Swiss National Bank now owns 168,100 shares of the company’s stock worth $4,994,000 after acquiring an additional 1,000 shares during the period.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare kidney and immune-mediated diseases. The company’s work is centered on conditions with significant unmet medical needs, including diseases that can lead to progressive kidney damage and kidney failure.

Travere’s principal commercial product is FILSPARI (sparsentan), an oral therapy for adults with primary immunoglobulin A nephropathy, or IgA nephropathy, who are at risk of disease progression.