Travere Therapeutics (NASDAQ:TVTX) Price Target Raised to $62.00 at Canaccord Genuity Group

Travere Therapeutics (NASDAQ:TVTX) had its price objective hoisted by stock analysts at Canaccord Genuity Group from $56.00 to $62.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 9.70% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Wall Street Zen downgraded Travere Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Citigroup lifted their price objective on Travere Therapeutics from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Weiss Ratings lowered shares of Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 23rd. HC Wainwright lifted their price target on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, TD Cowen boosted their price target on shares of 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 assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.58.

Travere Therapeutics Price Performance

Shares of TVTX traded up $0.96 during mid-day trading on Thursday, hitting $56.52. 294,732 shares of the company traded hands, compared to its average volume of 2,106,528. The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16. The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of -244.60 and a beta of 1.10. The business has a 50-day moving average of $53.08 and a 200 day moving average of $39.97. Travere Therapeutics has a one year low of $15.03 and a one year high of $60.10.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.29. The firm had revenue of $127.20 million during the quarter, compared to analysts’ expectations of $136.23 million. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. Travere Therapeutics’s revenue was up 55.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.47) EPS. As a group, equities analysts expect that Travere Therapeutics will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Travere Therapeutics

In related news, insider Jula Inrig sold 20,000 shares of the company’s 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 sale, the insider owned 111,473 shares in the company, valued at $5,016,285. This represents a 15.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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. Also, Director Timothy Coughlin sold 10,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $50.07, for a total value of $500,700.00. Following the sale, the director directly owned 56,250 shares in the company, valued at $2,816,437.50. The trade was a 15.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 113,413 shares of company stock worth $5,161,607 over the last ninety days. 4.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Travere Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in TVTX. Palisades Investment Partners LLC bought a new stake in shares of Travere Therapeutics in the fourth quarter valued at about $5,264,000. Stephens Investment Management Group LLC raised its holdings in shares of Travere Therapeutics by 7.6% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,721,623 shares of the company’s stock valued at $65,783,000 after purchasing an additional 121,955 shares during the last quarter. Profund Advisors LLC lifted its position in shares of Travere Therapeutics by 209.3% in the fourth quarter. Profund Advisors LLC now owns 62,604 shares of the company’s stock worth $2,392,000 after purchasing an additional 42,366 shares in the last quarter. Perceptive Advisors LLC boosted its holdings in Travere Therapeutics by 12.7% during the fourth 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 last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new position in Travere Therapeutics during the fourth quarter worth $1,104,000.

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.