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

Travere Therapeutics, Inc. (NASDAQ:TVTX) hit a new 52-week high on Wednesday . The company traded as high as $68.23 and last traded at $66.4610, with a volume of 173014 shares changing hands. The stock had previously closed at $66.07.

Analyst Ratings Changes

TVTX has been the subject of several research reports. Citigroup upped their target price on Travere Therapeutics from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Guggenheim boosted their price objective on shares of Travere Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Wells Fargo & Company upped their price objective on shares of Travere Therapeutics from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Piper Sandler reaffirmed an “overweight” rating on shares of Travere Therapeutics in a report on Monday, August 17th. Finally, TD Cowen lifted their target price on shares of Travere Therapeutics from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.67.

Travere Therapeutics Trading Up 0.4%

The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05. The firm has a 50-day moving average of $60.55 and a 200-day moving average of $46.77. The firm has a market capitalization of $6.25 billion, a P/E ratio of -144.14 and a beta of 1.05.

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

Insiders Place Their Bets

In related news, Director Roy Baynes sold 4,500 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $50.00, for a total transaction of $225,000.00. Following the completion of the sale, the director directly owned 41,500 shares in the company, valued at $2,075,000. This represents a 9.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $50.07, for a total transaction of $500,700.00. Following the sale, the director directly owned 56,250 shares of the company’s stock, valued at $2,816,437.50. The trade was a 15.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 4.44% of the company’s stock.

Institutional Trading of Travere Therapeutics

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