Travere Therapeutics (NASDAQ:TVTX) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Travere Therapeutics (NASDAQ:TVTX) had its price objective lifted by research analysts at Wells Fargo & Company from $50.00 to $65.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 27.93% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Wedbush reissued an “outperform” rating and issued a $55.00 target price on shares of Travere Therapeutics in a report on Wednesday, June 3rd. Weiss Ratings raised Travere Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 21st. JPMorgan Chase & Co. decreased their price objective on shares of Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. Piper Sandler raised Travere Therapeutics from a “neutral” rating to an “overweight” rating and set a $49.00 price objective on the stock in a research report on Tuesday, April 14th. Finally, TD Cowen increased their target price on Travere Therapeutics from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Travere Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $50.17.

Travere Therapeutics Stock Performance

NASDAQ:TVTX traded up $1.90 during mid-day trading on Friday, hitting $50.81. 127,166 shares of the company traded hands, compared to its average volume of 2,194,186. The stock’s fifty day moving average price is $41.29 and its 200-day moving average price is $35.14. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of -220.16 and a beta of 1.13. The company has a quick ratio of 3.08, a current ratio of 3.13 and a debt-to-equity ratio of 3.16. Travere Therapeutics has a one year low of $13.88 and a one year high of $50.33.

Travere Therapeutics (NASDAQ:TVTX) last released its earnings results on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.29. The company had revenue of $127.20 million during the quarter, compared to analyst estimates of $136.23 million. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. The firm’s quarterly revenue was up 55.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.47) EPS. Research analysts anticipate that Travere Therapeutics will post -0.29 earnings per share for the current fiscal year.

Insider Activity at Travere Therapeutics

In other Travere Therapeutics news, CAO Sandra Calvin sold 21,977 shares of the stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $41.07, for a total transaction of $902,595.39. Following the sale, the chief accounting officer owned 42,353 shares of the company’s stock, valued at approximately $1,739,437.71. This trade represents a 34.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jula Inrig sold 20,000 shares of Travere Therapeutics stock in a transaction on Monday, May 4th. The shares were sold at an average price of $45.00, for a total value of $900,000.00. Following the completion of the transaction, the insider owned 111,473 shares in the company, valued at $5,016,285. This represents a 15.21% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 400,015 shares of company stock valued at $15,895,428 over the last quarter. 4.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Travere Therapeutics

Large investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Travere Therapeutics by 13.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company’s stock valued at $1,029,000 after acquiring an additional 6,831 shares in the last quarter. Norges Bank acquired a new position in Travere Therapeutics in the 2nd quarter worth about $1,051,000. First Trust Advisors LP purchased a new position in Travere Therapeutics during the second quarter worth approximately $3,538,000. Cresset Asset Management LLC boosted its position in Travere Therapeutics by 26.5% during the second quarter. Cresset Asset Management LLC now owns 28,875 shares of the company’s stock worth $427,000 after purchasing an additional 6,047 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its holdings in Travere Therapeutics by 106.2% in the second quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company’s stock valued at $8,941,000 after purchasing an additional 311,137 shares during the period.

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.