Travere Therapeutics (NASDAQ:TVTX) Price Target Raised to $72.00

Travere Therapeutics (NASDAQ:TVTX) had its target price upped by stock analysts at Canaccord Genuity Group from $70.00 to $72.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target would indicate a potential upside of 37.35% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Evercore set a $78.00 price target on shares of Travere Therapeutics in a research report on Monday, August 10th. Piper Sandler reissued an “overweight” rating on shares of Travere Therapeutics in a research report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Travere Therapeutics in a report on Friday, September 18th. Wedbush reiterated an “outperform” rating and set a $76.00 target price on shares of Travere Therapeutics in a research note on Tuesday, September 22nd. Finally, Guggenheim lowered their price target on Travere Therapeutics from $89.00 to $78.00 and set a “buy” rating on the stock in a report on Wednesday. Ten analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Travere Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $68.60.

Travere Therapeutics Stock Performance

NASDAQ:TVTX traded up $3.01 during mid-day trading on Wednesday, reaching $52.42. 3,668,729 shares of the stock were exchanged, compared to its average volume of 2,051,403. The company has a 50 day simple moving average of $58.42 and a 200-day simple moving average of $46.67. The stock has a market capitalization of $4.94 billion, a P/E ratio of -40.64 and a beta of 1.11. The company has a quick ratio of 3.99, a current ratio of 4.05 and a debt-to-equity ratio of 24.58. Travere Therapeutics has a 1 year low of $22.59 and a 1 year high of $68.73.

Travere Therapeutics (NASDAQ:TVTX) last issued its quarterly earnings data on Monday, November 2nd. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.45). The firm had revenue of $224.56 million during the quarter, compared to analysts’ expectations of $195.29 million. Travere Therapeutics had a negative net margin of 18.66% and a negative return on equity of 152.48%. Travere Therapeutics’s quarterly revenue was up 36.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.28 EPS. Analysts anticipate that Travere Therapeutics will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Jula Inrig sold 44,674 shares of Travere Therapeutics stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $62.34, for a total value of $2,784,977.16. Following the transaction, the executive vice president directly owned 100,491 shares in the company, valued at $6,264,608.94. This trade represents a 30.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Heerma sold 8,282 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $65.07, for a total transaction of $538,909.74. Following the completion of the transaction, the executive vice president directly owned 117,066 shares in the company, valued at $7,617,484.62. This represents a 6.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,294,029 shares of company stock valued at $79,454,261. 4.44% of the stock is currently owned by company insiders.

Institutional Trading of Travere Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in Travere Therapeutics during the third quarter worth $250,000. Alps Advisors Inc. raised its position in Travere Therapeutics by 32.9% in the third quarter. Alps Advisors Inc. now owns 124,893 shares of the company’s stock worth $7,354,000 after acquiring an additional 30,912 shares in the last quarter. CenterBook Partners LP lifted its holdings in Travere Therapeutics by 37.5% in the third quarter. CenterBook Partners LP now owns 34,117 shares of the company’s stock valued at $2,009,000 after acquiring an additional 9,299 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new stake in Travere Therapeutics in the third quarter valued at $452,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Travere Therapeutics during the 3rd quarter worth $978,000.

Key Travere Therapeutics News

Here are the key news stories impacting Travere Therapeutics this week:

• Positive Sentiment: Guggenheim lowered its price target to $78 from $89 but kept its “buy” rating, implying substantial potential upside from the cited $52.42 share price. Guggenheim rating information
• Positive Sentiment: Recent coverage described TVTX bouncing higher after testing its 200-day moving average, a technical development that may have helped support the shares. Travere rebounds from its 200-day moving average
• Neutral Sentiment: Analyst views remain divided, with some seeing upside while other coverage questioned whether the stock is fully priced after its substantial run. Analysts have conflicting views on healthcare stocks
• Negative Sentiment: Travere reported a third-quarter loss that missed analyst expectations, reversing a year-ago profit. Revenue was a bright spot, rising 36.2% year over year to $224.56 million and exceeding estimates. Travere reports Q3 loss and revenue beat
• Negative Sentiment: The target reduction and concerns about valuation temper the bullish outlook, despite Guggenheim maintaining its buy rating. Travere stock valuation discussion

Travere Therapeutics Company Profile

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare diseases, with an emphasis on serious kidney conditions. The company’s work centers on addressing diseases with limited treatment options and improving outcomes for patients with progressive renal disorders.

Travere’s lead commercial product is FILSPARI (sparsentan), an oral treatment for adults with primary immunoglobulin A nephropathy (IgA nephropathy) who are at risk of disease progression.