Travere Therapeutics (NASDAQ:TVTX) Issues Quarterly Earnings Results, Beats Expectations By $0.42 EPS

Travere Therapeutics (NASDAQ:TVTX) announced its earnings results on Thursday. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.42, FiscalAI reports. The firm had revenue of $129.69 million during the quarter, compared to analyst estimates of $147.68 million. Travere Therapeutics had a negative net margin of 20.32% and a negative return on equity of 178.68%.

Travere Therapeutics Stock Performance

Travere Therapeutics stock traded up $1.43 during midday trading on Thursday, reaching $29.30. 2,566,125 shares of the company’s stock were exchanged, compared to its average volume of 2,496,447. The company has a debt-to-equity ratio of 4.23, a quick ratio of 2.71 and a current ratio of 2.75. The stock’s 50-day simple moving average is $32.88 and its 200 day simple moving average is $28.74. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -27.64, a P/E/G ratio of 0.79 and a beta of 0.83. Travere Therapeutics has a 52 week low of $12.91 and a 52 week high of $42.13.

Insiders Place Their Bets

In other news, insider Jula Inrig sold 1,779 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $32.21, for a total transaction of $57,301.59. Following the completion of the sale, the insider owned 105,706 shares in the company, valued at approximately $3,404,790.26. This trade represents a 1.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Elizabeth E. Reed sold 2,994 shares of Travere Therapeutics stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $32.18, for a total transaction of $96,346.92. Following the sale, the insider directly owned 105,211 shares of the company’s stock, valued at $3,385,689.98. The trade was a 2.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 331,925 shares of company stock worth $11,318,755 in the last quarter. Company insiders own 4.19% of the company’s stock.

Institutional Investors Weigh In On Travere Therapeutics

Several hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its holdings in shares of 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 acquiring an additional 1,538,827 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in shares of 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 purchasing an additional 599,102 shares during the period. Renaissance Technologies LLC lifted its holdings in Travere Therapeutics by 28.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company’s stock worth $85,849,000 after purchasing an additional 494,665 shares during the last quarter. Rock Springs Capital Management LP boosted its stake in Travere Therapeutics by 2.1% in the 4th quarter. Rock Springs Capital Management LP now owns 2,210,322 shares of the company’s stock valued at $84,456,000 after purchasing an additional 45,549 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Travere Therapeutics by 3,331.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company’s stock valued at $28,715,000 after purchasing an additional 1,166,460 shares during the period.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TVTX shares. Citigroup upped their price objective on Travere Therapeutics from $34.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. TD Cowen restated a “buy” rating on shares of Travere Therapeutics in a research note on Friday, October 31st. Zacks Research cut shares of Travere Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Wall Street Zen upgraded shares of Travere Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 13th. Finally, Piper Sandler increased their price objective on shares of Travere Therapeutics from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.62.

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.