Wedbush Reiterates “Outperform” Rating for Travere Therapeutics (NASDAQ:TVTX)

Wedbush reissued their outperform rating on shares of Travere Therapeutics (NASDAQ:TVTX) in a research note published on Friday,Benzinga reports. They currently have a $30.00 price objective on the stock.

A number of other research firms have also commented on TVTX. Guggenheim restated a “buy” rating and set a $47.00 price target on shares of Travere Therapeutics in a research report on Monday, April 14th. Stifel Nicolaus boosted their price target on shares of Travere Therapeutics from $22.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, May 2nd. Citigroup boosted their price target on shares of Travere Therapeutics from $31.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, February 24th. Scotiabank restated an “outperform” rating on shares of Travere Therapeutics in a research report on Friday, April 11th. Finally, Bank of America boosted their price target on shares of Travere Therapeutics from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, April 1st. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Travere Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $31.79.

Travere Therapeutics Stock Down 20.6%

Travere Therapeutics stock opened at $16.80 on Friday. Travere Therapeutics has a 1-year low of $6.01 and a 1-year high of $25.29. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -4.10 and a beta of 0.88. The company has a current ratio of 1.71, a quick ratio of 1.68 and a debt-to-equity ratio of 24.96. The firm has a 50 day simple moving average of $18.25 and a 200 day simple moving average of $18.92.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.08. The business had revenue of $81.73 million during the quarter, compared to analyst estimates of $77.44 million. Travere Therapeutics had a negative net margin of 137.90% and a negative return on equity of 1,636.87%. Travere Therapeutics’s revenue was up 83.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.76) EPS. On average, analysts predict that Travere Therapeutics will post -1.4 earnings per share for the current year.

Insider Transactions at Travere Therapeutics

In other Travere Therapeutics news, insider Peter Heerma sold 1,771 shares of the business’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $21.05, for a total value of $37,279.55. Following the completion of the sale, the insider now directly owns 128,215 shares of the company’s stock, valued at $2,698,925.75. The trade was a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Eric M. Dube sold 18,924 shares of the business’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $21.05, for a total transaction of $398,350.20. Following the completion of the sale, the chief executive officer now directly owns 419,173 shares of the company’s stock, valued at $8,823,591.65. This represents a 4.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,527 shares of company stock valued at $473,814. Insiders own 4.19% of the company’s stock.

Institutional Trading of Travere Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Armistice Capital LLC lifted its stake in Travere Therapeutics by 20.6% in the first quarter. Armistice Capital LLC now owns 8,872,000 shares of the company’s stock worth $158,986,000 after purchasing an additional 1,514,000 shares during the last quarter. Rock Springs Capital Management LP lifted its stake in Travere Therapeutics by 6.2% in the fourth quarter. Rock Springs Capital Management LP now owns 4,973,649 shares of the company’s stock worth $86,641,000 after purchasing an additional 289,173 shares during the last quarter. Driehaus Capital Management LLC lifted its stake in Travere Therapeutics by 24.8% in the first quarter. Driehaus Capital Management LLC now owns 2,767,693 shares of the company’s stock worth $49,597,000 after purchasing an additional 549,718 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Travere Therapeutics by 28.5% in the fourth quarter. Renaissance Technologies LLC now owns 2,409,514 shares of the company’s stock worth $41,974,000 after purchasing an additional 534,500 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Travere Therapeutics by 479.9% during the first quarter. Adage Capital Partners GP L.L.C. now owns 2,184,898 shares of the company’s stock valued at $39,153,000 after acquiring an additional 1,808,098 shares during the last quarter.

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.