Travere Therapeutics (NASDAQ:TVTX) Shares Gap Up Following Analyst Upgrade

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s stock price gapped up before the market opened on Tuesday after Canaccord Genuity Group raised their price target on the stock from $15.00 to $18.00. The stock had previously closed at $6.55, but opened at $7.40. Canaccord Genuity Group currently has a buy rating on the stock. Travere Therapeutics shares last traded at $7.26, with a volume of 224,770 shares changing hands.

Several other equities research analysts also recently weighed in on the stock. Piper Sandler increased their target price on shares of Travere Therapeutics from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Guggenheim reiterated a “neutral” rating on shares of Travere Therapeutics in a report on Wednesday, March 27th. Wells Fargo & Company raised their price objective on shares of Travere Therapeutics from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Friday, February 16th. HC Wainwright upped their target price on Travere Therapeutics from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Wedbush reissued an “outperform” rating and set a $13.00 price target on shares of Travere Therapeutics in a research note on Wednesday, April 17th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Travere Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $16.69.

Institutional Trading of Travere Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Armistice Capital LLC increased its position in Travere Therapeutics by 0.7% during the 3rd quarter. Armistice Capital LLC now owns 7,500,000 shares of the company’s stock valued at $67,050,000 after purchasing an additional 50,000 shares during the period. Vanguard Group Inc. increased its holdings in Travere Therapeutics by 10.9% during the third quarter. Vanguard Group Inc. now owns 4,667,458 shares of the company’s stock valued at $41,727,000 after buying an additional 460,176 shares during the period. Kynam Capital Management LP raised its stake in Travere Therapeutics by 105.6% in the fourth quarter. Kynam Capital Management LP now owns 2,000,000 shares of the company’s stock worth $17,980,000 after buying an additional 1,027,398 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Travere Therapeutics by 9.6% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,671,770 shares of the company’s stock worth $14,946,000 after buying an additional 146,970 shares during the period. Finally, Finepoint Capital LP boosted its position in Travere Therapeutics by 60.2% during the 4th quarter. Finepoint Capital LP now owns 1,435,321 shares of the company’s stock valued at $12,904,000 after acquiring an additional 539,500 shares in the last quarter.

Travere Therapeutics Price Performance

The firm has a 50-day simple moving average of $6.99 and a 200-day simple moving average of $7.60. The firm has a market cap of $519.07 million, a P/E ratio of -4.24 and a beta of 0.69. The company has a current ratio of 3.47, a quick ratio of 3.41 and a debt-to-equity ratio of 1.88.

Travere Therapeutics (NASDAQ:TVTX) last issued its quarterly earnings data on Monday, May 6th. The company reported ($1.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.78). The company had revenue of $41.40 million for the quarter, compared to the consensus estimate of $43.46 million. Travere Therapeutics had a negative net margin of 56.02% and a negative return on equity of 177.97%. Travere Therapeutics’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.27) EPS. As a group, analysts forecast that Travere Therapeutics, Inc. will post -3.1 EPS for the current year.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc, a biopharmaceutical company, identifies, develops, and delivers therapies to people living with rare kidney and metabolic diseases. Its products include FILSPARI (sparsentan), a once-daily, oral medication designed to target two critical pathways in the disease progression of IgA Nephropathy (endothelin 1 and angiotensin-II); and Thiola and Thiola EC (tiopronin tablets) for the treatment of cystinuria, a rare genetic cystine transport disorder that causes high cystine levels in the urine and the formation of recurring kidney stones.