JPMorgan Chase & Co. Has Lowered Expectations for Travere Therapeutics (NASDAQ:TVTX) Stock Price

Travere Therapeutics (NASDAQ:TVTX) had its price target cut by analysts at JPMorgan Chase & Co. from $44.00 to $41.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 46.85% from the stock’s previous close.

A number of other analysts also recently issued reports on TVTX. Piper Sandler lifted their price objective on Travere Therapeutics from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. HC Wainwright reiterated a “buy” rating and set a $47.00 target price on shares of Travere Therapeutics in a research report on Friday, November 28th. Guggenheim reissued a “buy” rating and issued a $49.00 target price on shares of Travere Therapeutics in a report on Wednesday, January 14th. Wall Street Zen cut shares of Travere Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 21st. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Travere Therapeutics in a research note on Wednesday, January 21st. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $38.38.

Travere Therapeutics Trading Up 1.3%

Shares of TVTX stock opened at $27.92 on Wednesday. The company has a current ratio of 2.74, a quick ratio of 2.70 and a debt-to-equity ratio of 2.71. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of -93.06 and a beta of 0.81. Travere Therapeutics has a 12-month low of $12.91 and a 12-month high of $42.13. The stock’s 50-day moving average price is $29.08 and its 200-day moving average price is $30.56.

Insider Buying and Selling at Travere Therapeutics

In other news, insider Jula Inrig sold 1,779 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $32.21, for a total transaction of $57,301.59. Following the transaction, the insider owned 105,706 shares of the company’s stock, valued at approximately $3,404,790.26. The trade was a 1.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Elizabeth E. Reed sold 10,000 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $28.09, for a total value of $280,900.00. Following the sale, the insider owned 105,211 shares in the company, valued at $2,955,376.99. The trade was a 8.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 234,543 shares of company stock valued at $7,368,175. Corporate insiders own 4.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. State of Wyoming bought a new stake in shares of Travere Therapeutics in the 4th quarter worth about $37,000. Torren Management LLC bought a new position in Travere Therapeutics during the 4th quarter valued at about $38,000. Comerica Bank grew its holdings in Travere Therapeutics by 77.5% during the 4th quarter. Comerica Bank now owns 1,127 shares of the company’s stock valued at $43,000 after purchasing an additional 492 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Travere Therapeutics by 69.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company’s stock worth $45,000 after purchasing an additional 487 shares during the period. Finally, First Horizon Corp purchased a new stake in Travere Therapeutics in the 3rd quarter worth about $36,000.

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.