Travere Therapeutics (NASDAQ:TVTX) Shares Gap Down on Disappointing Earnings

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $23.58, but opened at $21.50. Travere Therapeutics shares last traded at $22.13, with a volume of 807,056 shares changing hands.

The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.15). The firm had revenue of $74.79 million for the quarter, compared to analyst estimates of $72.38 million. Travere Therapeutics had a negative net margin of 137.90% and a negative return on equity of 1,636.87%.

Wall Street Analysts Forecast Growth

TVTX has been the subject of several research analyst reports. HC Wainwright upped their price target on shares of Travere Therapeutics from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Evercore ISI upped their price target on shares of Travere Therapeutics from $33.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Canaccord Genuity Group upped their price target on shares of Travere Therapeutics from $22.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Piper Sandler increased their price objective on Travere Therapeutics from $12.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Travere Therapeutics in a report on Friday. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.77.

Insiders Place Their Bets

In other Travere Therapeutics news, SVP William E. Rote sold 2,437 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $19.46, for a total transaction of $47,424.02. Following the completion of the sale, the senior vice president now directly owns 83,170 shares in the company, valued at approximately $1,618,488.20. This trade represents a 2.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Christopher R. Cline sold 5,192 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $20.12, for a total value of $104,463.04. Following the sale, the chief financial officer now owns 90,038 shares of the company’s stock, valued at approximately $1,811,564.56. The trade was a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,425 shares of company stock worth $4,674,259. Company insiders own 3.75% of the company’s stock.

Institutional Trading of Travere Therapeutics

Large investors have recently bought and sold shares of the business. Driehaus Capital Management LLC grew its stake in shares of Travere Therapeutics by 608.1% in the 4th quarter. Driehaus Capital Management LLC now owns 2,217,975 shares of the company’s stock valued at $38,637,000 after buying an additional 1,904,733 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of Travere Therapeutics in the 4th quarter valued at about $21,075,000. RA Capital Management L.P. acquired a new stake in shares of Travere Therapeutics in the 4th quarter valued at about $20,033,000. Jennison Associates LLC acquired a new stake in shares of Travere Therapeutics in the 4th quarter valued at about $14,222,000. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Travere Therapeutics by 36.7% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,174,213 shares of the company’s stock valued at $37,875,000 after buying an additional 583,836 shares during the period.

Travere Therapeutics Stock Performance

The company has a 50 day moving average price of $19.68 and a 200 day moving average price of $16.63. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -5.36 and a beta of 0.72. The company has a debt-to-equity ratio of 24.96, a quick ratio of 1.68 and a current ratio of 1.71.

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.