Travere Therapeutics (NASDAQ:TVTX) Shares Down 7.8% – Should You Sell?

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s stock price was down 7.8% during trading on Friday . The company traded as low as $28.80 and last traded at $28.9960. Approximately 1,000,297 shares traded hands during trading, a decline of 48% from the average daily volume of 1,912,459 shares. The stock had previously closed at $31.44.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen downgraded Travere Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 21st. JPMorgan Chase & Co. cut their target price on Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 25th. Piper Sandler lifted their price target on Travere Therapeutics from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, February 6th. Guggenheim reissued a “buy” rating and set a $49.00 price objective on shares of Travere Therapeutics in a research report on Wednesday, January 14th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Travere Therapeutics in a research report on Wednesday, January 21st. Nine investment 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $38.27.

Travere Therapeutics Stock Down 9.2%

The stock has a market capitalization of $2.64 billion, a P/E ratio of -95.18 and a beta of 0.86. The firm has a 50 day moving average of $29.29 and a 200-day moving average of $31.02. The company has a debt-to-equity ratio of 2.71, a current ratio of 2.74 and a quick ratio of 2.70.

Insider Buying and Selling

In other news, insider Jula Inrig sold 1,779 shares of the company’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 value of $57,301.59. Following the sale, the insider directly owned 105,706 shares in the company, valued at approximately $3,404,790.26. This represents a 1.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Roy D. Baynes sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $33.00, for a total value of $330,000.00. Following the completion of the sale, the director owned 37,500 shares in the company, valued at approximately $1,237,500. This represents a 21.05% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 312,067 shares of company stock worth $9,755,570. Insiders own 4.19% of the company’s stock.

Institutional Investors Weigh In On Travere Therapeutics

Several large investors have recently modified their holdings of TVTX. Stephens Investment Management Group LLC bought a new stake in shares of Travere Therapeutics in the 3rd quarter valued at approximately $38,232,000. State Street Corp grew its position in Travere Therapeutics by 47.8% during the 4th 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 last quarter. Wellington Management Group LLP grew its position in Travere Therapeutics by 3,331.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company’s stock worth $28,715,000 after acquiring an additional 1,166,460 shares during the last quarter. Frazier Life Sciences Management L.P. bought a new stake in Travere Therapeutics during the 2nd quarter worth approximately $14,831,000. Finally, Fiera Capital Corp bought a new stake in Travere Therapeutics during the 4th quarter worth approximately $33,398,000.

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.