Travere Therapeutics (NASDAQ:TVTX) Given Outperform Rating at Wedbush

Wedbush restated their outperform rating on shares of Travere Therapeutics (NASDAQ:TVTX) in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a $55.00 price objective on the stock.

A number of other research analysts have also weighed in on the stock. Canaccord Genuity Group raised their price objective on shares of Travere Therapeutics from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. TD Cowen raised their price objective on shares of Travere Therapeutics from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Wells Fargo & Company raised their price objective on shares of Travere Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Piper Sandler upgraded shares of Travere Therapeutics from a “neutral” rating to an “overweight” rating and set a $49.00 target price for the company in a report on Tuesday, April 14th. Finally, Wall Street Zen downgraded shares of Travere Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Travere Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $48.92.

Travere Therapeutics Stock Up 5.2%

Travere Therapeutics stock opened at $45.20 on Wednesday. Travere Therapeutics has a 1-year low of $13.88 and a 1-year high of $48.61. The firm has a market capitalization of $4.20 billion, a price-to-earnings ratio of -196.51 and a beta of 1.13. The firm’s fifty day moving average price is $38.96 and its two-hundred day moving average price is $34.63. The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings data on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, beating 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 firm had revenue of $127.20 million for the quarter, compared to analyst estimates of $136.23 million. During the same period last year, the firm earned ($0.47) earnings per share. The business’s quarterly revenue was up 55.6% compared to the same quarter last year. On average, equities research analysts predict that Travere Therapeutics will post -0.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Travere Therapeutics

In related news, CEO Eric M. Dube sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total transaction of $988,875.00. Following the completion of the sale, the chief executive officer owned 432,886 shares in the company, valued at approximately $19,025,339.70. This trade represents a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William E. Rote sold 2,763 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total transaction of $121,433.85. Following the sale, the insider owned 115,474 shares of the company’s stock, valued at $5,075,082.30. This trade represents a 2.34% 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. Insiders have sold a total of 400,015 shares of company stock valued at $15,895,428 in the last three months. 4.44% of the stock is owned by corporate insiders.

Institutional Trading of Travere Therapeutics

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Travere Therapeutics by 10.3% during the third quarter. Vanguard Group Inc. now owns 6,613,368 shares of the company’s stock worth $158,059,000 after buying an additional 619,085 shares during the last quarter. State Street Corp increased its holdings in Travere Therapeutics by 47.8% during the fourth quarter. State Street Corp now owns 4,756,666 shares of the company’s stock worth $181,752,000 after buying an additional 1,538,827 shares during the last quarter. Perceptive Advisors LLC increased its holdings in Travere Therapeutics by 12.7% during the fourth quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company’s stock worth $163,469,000 after buying an additional 483,565 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in Travere Therapeutics by 27.4% during the second quarter. Adage Capital Partners GP L.L.C. now owns 2,784,000 shares of the company’s stock worth $41,203,000 after buying an additional 599,102 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Travere Therapeutics by 28.2% during the fourth quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company’s stock worth $85,849,000 after buying an additional 494,665 shares during the last quarter.

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.