Wedbush Boosts Travere Therapeutics (NASDAQ:TVTX) Price Target to $61.00

Travere Therapeutics (NASDAQ:TVTX) had its price target upped by equities research analysts at Wedbush from $55.00 to $61.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 10.61% from the stock’s previous close.

TVTX has been the subject of a number of other research reports. Weiss Ratings raised shares of Travere Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 21st. HC Wainwright raised their target price on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. decreased their target price on Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. Wells Fargo & Company upped their target price on Travere Therapeutics from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Finally, Piper Sandler upgraded Travere Therapeutics from a “neutral” rating to an “overweight” rating and set a $49.00 price target on the stock in a research report on Tuesday, April 14th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.33.

Travere Therapeutics Price Performance

TVTX stock opened at $55.15 on Monday. The company has a debt-to-equity ratio of 3.16, a current ratio of 3.13 and a quick ratio of 3.08. Travere Therapeutics has a 1-year low of $13.97 and a 1-year high of $55.99. The firm has a fifty day moving average price of $44.01 and a two-hundred day moving average price of $35.91. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of -239.77 and a beta of 1.13.

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

Insider Buying and Selling at Travere Therapeutics

In related news, insider Elizabeth E. Reed sold 44,715 shares of Travere Therapeutics stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $41.21, for a total value of $1,842,705.15. Following the sale, the insider directly owned 111,996 shares in the company, valued at $4,615,355.16. This trade represents a 28.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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, Director Roy D. Baynes sold 32,750 shares of the business’s stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $41.29, for a total transaction of $1,352,247.50. Following the transaction, the director directly owned 37,500 shares of the company’s stock, valued at $1,548,375. The trade was a 46.62% 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. In the last ninety days, insiders have sold 404,515 shares of company stock valued at $16,340,228. Corporate insiders own 4.44% of the company’s stock.

Institutional Investors Weigh In On Travere Therapeutics

A number of hedge funds have recently made changes to their positions in TVTX. Raymond James Financial Inc. acquired a new position in shares of Travere Therapeutics during the second quarter worth approximately $33,000. Fifth Third Bancorp bought a new position in Travere Therapeutics in the 1st quarter worth approximately $35,000. State of Wyoming acquired a new stake in Travere Therapeutics in the 4th quarter valued at approximately $37,000. Torren Management LLC acquired a new stake in Travere Therapeutics in the 4th quarter valued at approximately $38,000. Finally, Comerica Bank increased its position in Travere Therapeutics by 77.5% in the 4th quarter. Comerica Bank now owns 1,127 shares of the company’s stock valued at $43,000 after acquiring an additional 492 shares during the period.

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.