Travere Therapeutics (NASDAQ:TVTX) Shares Down 7.9% – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s stock price traded down 7.9% during mid-day trading on Friday . The company traded as low as $28.05 and last traded at $28.19. 1,404,713 shares changed hands during trading, a decline of 44% from the average session volume of 2,488,922 shares. The stock had previously closed at $30.60.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Travere Therapeutics in a research report on Wednesday, January 21st. Piper Sandler raised their price target on shares of Travere Therapeutics from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, February 6th. TD Cowen reiterated a “buy” rating on shares of Travere Therapeutics in a report on Friday, October 31st. Citigroup boosted their price target on Travere Therapeutics from $34.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Finally, Guggenheim reissued a “buy” rating and issued a $49.00 price objective on shares of Travere Therapeutics in a research note on Wednesday, January 14th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Travere Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $38.62.

Travere Therapeutics Stock Down 9.6%

The firm has a 50-day moving average of $33.40 and a two-hundred day moving average of $28.30. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of -26.10, a PEG ratio of 0.83 and a beta of 0.83. The company has a current ratio of 2.75, a quick ratio of 2.71 and a debt-to-equity ratio of 4.23.

Insider Buying and Selling at Travere Therapeutics

In related news, CFO Christopher R. Cline sold 20,000 shares of Travere Therapeutics stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $35.01, for a total transaction of $700,200.00. Following the sale, the chief financial officer directly owned 92,083 shares of the company’s stock, valued at $3,223,825.83. This trade represents a 17.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Dube sold 100,087 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $32.28, for a total value of $3,230,808.36. Following the transaction, the chief executive officer owned 432,886 shares in the company, valued at $13,973,560.08. This represents a 18.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 331,925 shares of company stock valued at $11,318,755 in the last three months. 4.19% of the stock is owned by insiders.

Institutional Trading of Travere Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Smartleaf Asset Management LLC raised its stake in shares of Travere Therapeutics by 69.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company’s stock valued at $45,000 after purchasing an additional 487 shares in the last quarter. Rafferty Asset Management LLC increased its holdings in Travere Therapeutics by 87.5% in the 4th quarter. Rafferty Asset Management LLC now owns 169,208 shares of the company’s stock valued at $6,465,000 after buying an additional 78,958 shares during the period. First Trust Advisors LP raised its stake in shares of Travere Therapeutics by 98.2% in the 4th quarter. First Trust Advisors LP now owns 341,724 shares of the company’s stock valued at $13,057,000 after buying an additional 169,294 shares in the last quarter. OpenArc Corporate Advisory LLC bought a new position in shares of Travere Therapeutics during the 4th quarter worth about $1,185,000. Finally, State Street Corp boosted its position in shares of Travere Therapeutics by 47.8% during the 4th quarter. State Street Corp now owns 4,756,666 shares of the company’s stock valued at $181,752,000 after acquiring an additional 1,538,827 shares in 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.