HC Wainwright Reiterates Buy Rating for Travere Therapeutics (NASDAQ:TVTX)

Travere Therapeutics (NASDAQ:TVTX)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a research note issued on Tuesday, Benzinga reports. They presently have a $67.00 price objective on the stock. HC Wainwright’s price target would suggest a potential upside of 11.98% from the stock’s current price.

Other analysts have also issued reports about the company. Evercore set a $78.00 price target on Travere Therapeutics in a report on Monday, August 10th. Canaccord Genuity Group raised their target price on Travere Therapeutics from $62.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Piper Sandler reissued an “overweight” rating on shares of Travere Therapeutics in a report on Monday, August 17th. TD Cowen increased their price target on shares of Travere Therapeutics from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Finally, Wells Fargo & Company increased their price target on shares of Travere Therapeutics from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $68.10.

Travere Therapeutics Stock Down 0.7%

Travere Therapeutics stock opened at $59.83 on Tuesday. Travere Therapeutics has a fifty-two week low of $22.06 and a fifty-two week high of $68.73. The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05. The firm’s 50-day simple moving average is $62.01 and its 200 day simple moving average is $49.44. The stock has a market cap of $5.64 billion, a PE ratio of -130.06 and a beta of 1.05.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings data 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 firm had revenue of $169.58 million during the quarter, compared to analyst estimates of $157.27 million. During the same quarter last year, the business posted $0.13 EPS. The company’s revenue for the quarter was up 48.2% on a year-over-year basis. Research analysts predict that Travere Therapeutics will post -0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other Travere Therapeutics news, EVP Jula Inrig sold 44,674 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $62.34, for a total transaction of $2,784,977.16. Following the sale, the executive vice president owned 100,491 shares in the company, valued at $6,264,608.94. This represents a 30.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric M. Dube sold 195,841 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $63.45, for a total value of $12,426,111.45. Following the completion of the transaction, the chief executive officer directly owned 432,886 shares of the company’s stock, valued at $27,466,616.70. The trade was a 31.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,050,294 shares of company stock worth $66,336,443 in the last three months. Insiders own 4.44% of the company’s stock.

Institutional Trading of Travere Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC purchased a new stake in Travere Therapeutics during the 2nd quarter worth about $70,000. JW Asset Management LLC purchased a new position in Travere Therapeutics during the 2nd quarter valued at about $1,704,000. Nykredit A S purchased a new position in Travere Therapeutics during the 2nd quarter valued at about $237,000. Allianz Asset Management GmbH bought a new stake in shares of Travere Therapeutics during the second quarter valued at about $2,441,000. Finally, Corient Private Wealth LP increased its position in shares of Travere Therapeutics by 1.4% during the second quarter. Corient Private Wealth LP now owns 48,125 shares of the company’s stock valued at $2,734,000 after buying an additional 648 shares during the period.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare kidney and immune-mediated diseases. The company’s work is centered on conditions with significant unmet medical needs, including diseases that can lead to progressive kidney damage and kidney failure.

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