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

Travere Therapeutics, Inc. (NASDAQ:TVTX) shares 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.

TVTX has been the topic of several other reports. Wells Fargo & Company boosted their price target on shares of Travere Therapeutics from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report 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 report on Wednesday, April 24th. Wedbush reiterated an “outperform” rating and set a $13.00 price target on shares of Travere Therapeutics in a report on Wednesday, April 17th. Guggenheim restated a “neutral” rating on shares of Travere Therapeutics in a research note on Wednesday, March 27th. Finally, Piper Sandler raised their target price on Travere Therapeutics from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.69.

Institutional Trading of Travere Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in TVTX. ProShare Advisors LLC grew its position in Travere Therapeutics by 9.2% during the first quarter. ProShare Advisors LLC now owns 18,421 shares of the company’s stock worth $142,000 after buying an additional 1,557 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Travere Therapeutics by 79.2% during the first quarter. Russell Investments Group Ltd. now owns 184,623 shares of the company’s stock worth $1,423,000 after purchasing an additional 81,611 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Travere Therapeutics in the first quarter worth approximately $452,000. Oak Ridge Investments LLC raised its stake in Travere Therapeutics by 13.3% in the first quarter. Oak Ridge Investments LLC now owns 65,926 shares of the company’s stock valued at $508,000 after purchasing an additional 7,744 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Travere Therapeutics by 8.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,178 shares of the company’s stock valued at $387,000 after purchasing an additional 3,754 shares during the last quarter.

Travere Therapeutics Trading Up 1.0 %

The stock’s 50 day simple moving average is $6.99 and its 200 day simple moving average is $7.60. The company has a debt-to-equity ratio of 1.88, a quick ratio of 3.41 and a current ratio of 3.47. The firm has a market cap of $519.07 million, a PE ratio of -4.24 and a beta of 0.69.

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