Travere Therapeutics (NASDAQ:TVTX) Stock Rating Lowered by Zacks Research

Travere Therapeutics (NASDAQ:TVTX) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday, Zacks reports.

Several other research analysts have also weighed in on the company. TD Cowen lifted their target price on Travere Therapeutics from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Piper Sandler reissued an “overweight” rating on shares of Travere Therapeutics in a research note on Monday, August 17th. Canaccord Genuity Group increased their price target on Travere Therapeutics from $62.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Evercore set a $78.00 price target on Travere Therapeutics in a report on Monday, August 10th. Finally, Citigroup raised their price target on Travere Therapeutics from $70.00 to $85.00 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 and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Travere Therapeutics Trading Up 0.5%

TVTX opened at $52.58 on Tuesday. The firm’s fifty day moving average is $60.89 and its two-hundred day moving average is $53.23. The firm has a market cap of $4.96 billion, a PE ratio of -114.30 and a beta of 1.13. Travere Therapeutics has a twelve month low of $22.59 and a twelve month high of $68.73. The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05.

Travere Therapeutics (NASDAQ:TVTX) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.03. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The company had revenue of $169.58 million during the quarter, compared to analyst estimates of $157.27 million. During the same quarter in the previous year, the business earned $0.13 EPS. The firm’s revenue was up 48.2% on a year-over-year basis. Equities research analysts anticipate that Travere Therapeutics will post -0.92 EPS for the current year.

Insider Activity at Travere Therapeutics

In related news, EVP Peter Heerma sold 8,282 shares of the firm’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $65.07, for a total transaction of $538,909.74. Following the sale, the executive vice president directly owned 117,066 shares in the company, valued at $7,617,484.62. This trade represents a 6.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William E. Rote sold 112,850 shares of the business’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $63.33, for a total transaction of $7,146,790.50. Following the completion of the sale, the insider directly owned 98,197 shares in the company, valued at $6,218,816.01. This represents a 53.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,294,029 shares of company stock valued at $79,454,261 over the last three months. Insiders own 4.44% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. raised its stake in shares of Travere Therapeutics by 168.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,145,414 shares of the company’s stock valued at $67,442,000 after purchasing an additional 718,109 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of Travere Therapeutics in the third quarter valued at about $252,000. Insight Wealth Strategies LLC bought a new stake in shares of Travere Therapeutics in the third quarter valued at about $5,692,000. GAMMA Investing LLC boosted its position in shares of Travere Therapeutics by 115.0% during the third quarter. GAMMA Investing LLC now owns 1,303 shares of the company’s stock worth $77,000 after buying an additional 697 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in shares of Travere Therapeutics by 1,217.6% during the third quarter. Farther Finance Advisors LLC now owns 3,966 shares of the company’s stock worth $234,000 after buying an additional 3,665 shares during the period.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare diseases, with an emphasis on serious kidney conditions. The company’s work centers on addressing diseases with limited treatment options and improving outcomes for patients with progressive renal disorders.

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