Travere Therapeutics (NASDAQ:TVTX) Hits New 52-Week High on Analyst Upgrade

Travere Therapeutics, Inc. (NASDAQ:TVTX) shares reached a new 52-week high during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $20.00 to $23.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Travere Therapeutics traded as high as $14.33 and last traded at $14.33, with a volume of 249 shares changing hands. The stock had previously closed at $13.48.

A number of other research analysts also recently commented on TVTX. Wedbush boosted their price objective on shares of Travere Therapeutics from $13.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Guggenheim raised shares of Travere Therapeutics from a “neutral” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Monday, September 9th. Piper Sandler boosted their target price on Travere Therapeutics from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Citigroup boosted their target price on Travere Therapeutics from $14.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Bank of America boosted their target price on Travere Therapeutics from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.58.

Insiders Place Their Bets

In other Travere Therapeutics news, CFO Christopher R. Cline sold 2,490 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $11.52, for a total value of $28,684.80. Following the completion of the sale, the chief financial officer now owns 74,595 shares of the company’s stock, valued at $859,334.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Eric M. Dube sold 21,125 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $11.52, for a total transaction of $243,360.00. Following the completion of the transaction, the chief executive officer now owns 361,975 shares of the company’s stock, valued at approximately $4,169,952. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Christopher R. Cline sold 2,490 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $11.52, for a total value of $28,684.80. Following the transaction, the chief financial officer now directly owns 74,595 shares of the company’s stock, valued at approximately $859,334.40. The disclosure for this sale can be found here. Insiders sold 30,707 shares of company stock valued at $352,712 over the last quarter. Insiders own 3.75% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

Several large investors have recently made changes to their positions in the business. Forefront Analytics LLC lifted its position in shares of Travere Therapeutics by 10.2% during the 2nd quarter. Forefront Analytics LLC now owns 13,317 shares of the company’s stock worth $109,000 after purchasing an additional 1,237 shares during the last quarter. Millennium Management LLC lifted its position in shares of Travere Therapeutics by 33.9% during the 2nd quarter. Millennium Management LLC now owns 2,949,335 shares of the company’s stock worth $24,244,000 after purchasing an additional 747,406 shares during the last quarter. AQR Capital Management LLC increased its stake in Travere Therapeutics by 55.7% during the second quarter. AQR Capital Management LLC now owns 74,069 shares of the company’s stock valued at $609,000 after acquiring an additional 26,485 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Travere Therapeutics during the second quarter valued at about $291,000. Finally, Point72 DIFC Ltd bought a new position in Travere Therapeutics during the second quarter valued at about $175,000.

Travere Therapeutics Stock Up 5.6 %

The company has a debt-to-equity ratio of 24.96, a current ratio of 3.04 and a quick ratio of 2.99. The stock has a market capitalization of $1.09 billion, a P/E ratio of -6.42 and a beta of 0.71. The firm has a 50 day moving average of $9.68 and a 200-day moving average of $7.99.

Travere Therapeutics (NASDAQ:TVTX) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.87) by ($0.03). Travere Therapeutics had a negative net margin of 82.14% and a negative return on equity of 269.18%. The firm had revenue of $54.12 million for the quarter, compared to the consensus estimate of $49.50 million. On average, equities research analysts expect that Travere Therapeutics, Inc. will post -3.96 earnings per share for the current fiscal year.

About Travere Therapeutics

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.