Travere Therapeutics (NASDAQ:TVTX) Sets New 1-Year High – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $43.70 and last traded at $43.5070, with a volume of 289338 shares traded. The stock had previously closed at $42.12.

Analyst Ratings Changes

Several research analysts recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $47.00 price objective on shares of Travere Therapeutics in a research note on Tuesday, April 14th. Canaccord Genuity Group raised their price objective on shares of Travere Therapeutics from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Travere Therapeutics in a report on Wednesday, January 21st. Citigroup lifted their price target on shares of Travere Therapeutics from $48.00 to $53.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Finally, Guggenheim raised their target price on Travere Therapeutics from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.67.

Travere Therapeutics Stock Performance

The stock has a 50 day simple moving average of $32.02 and a two-hundred day simple moving average of $32.50. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of -146.52 and a beta of 0.86. 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 Activity at Travere Therapeutics

In other Travere Therapeutics news, insider William E. Rote sold 9,100 shares of the company’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $39.09, for a total value of $355,719.00. Following the completion of the transaction, the insider owned 113,987 shares in the company, valued at $4,455,751.83. This represents a 7.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric M. Dube sold 64,000 shares of Travere Therapeutics stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $41.09, for a total value of $2,629,760.00. Following the sale, the chief executive officer owned 432,886 shares in the company, valued at $17,787,285.74. This trade represents a 12.88% 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 453,169 shares of company stock valued at $16,369,723 in the last quarter. Company insiders own 4.44% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Travere Therapeutics by 10.3% in the third quarter. Vanguard Group Inc. now owns 6,613,368 shares of the company’s stock valued at $158,059,000 after buying an additional 619,085 shares during the last quarter. State Street Corp raised its position in Travere Therapeutics by 47.8% in the 4th quarter. State Street Corp now owns 4,756,666 shares of the company’s stock valued at $181,752,000 after purchasing an additional 1,538,827 shares during the last quarter. Perceptive Advisors LLC boosted its stake in Travere Therapeutics by 12.7% during the 4th quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company’s stock worth $163,469,000 after purchasing an additional 483,565 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake in Travere Therapeutics by 27.4% during the 2nd 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. Finally, Renaissance Technologies LLC grew its position 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.

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.