Travere Therapeutics (NASDAQ:TVTX) Sets New 12-Month High – What’s Next?

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $68.03 and last traded at $67.2130, with a volume of 111599 shares changing hands. The stock had previously closed at $67.23.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Guggenheim upped their price target on shares of Travere Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Wall Street Zen lowered shares of Travere Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. TD Cowen increased their target price on shares of Travere Therapeutics from $60.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Wedbush boosted their price target on Travere Therapeutics from $61.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Finally, HC Wainwright upped their price target on Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Travere Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $61.67.

Travere Therapeutics Trading Down 1.9%

The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The company has a market cap of $6.15 billion, a price-to-earnings ratio of -141.91 and a beta of 1.05. The business’s 50-day simple moving average is $60.23 and its 200-day simple moving average is $46.12.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.03. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The business had revenue of $169.58 million for the quarter, compared to analyst estimates of $157.27 million. During the same period in the prior year, the business earned $0.13 earnings per share. The company’s quarterly revenue was up 48.2% on a year-over-year basis. Research analysts predict that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Roy D. Baynes sold 4,500 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $50.00, for a total value of $225,000.00. Following the sale, the director directly owned 41,500 shares in the company, valued at $2,075,000. This represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the stock in a transaction on Friday, June 12th. The shares were 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 approximately $2,816,437.50. The trade was a 15.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.44% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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.