Travere Therapeutics (NASDAQ:TVTX) Reaches New 52-Week High – Here’s Why

Travere Therapeutics, Inc. (NASDAQ:TVTX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $40.38 and last traded at $40.07, with a volume of 453729 shares trading hands. The stock had previously closed at $35.36.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Travere Therapeutics in a research note on Wednesday, October 8th. Jefferies Financial Group set a $35.00 price objective on Travere Therapeutics in a research note on Wednesday, September 10th. Wall Street Zen raised Travere Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 13th. Citigroup raised their price target on Travere Therapeutics from $34.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Stifel Nicolaus upped their price target on shares of Travere Therapeutics from $20.00 to $25.00 and gave the stock a “hold” rating in a research note on Friday, September 12th. Thirteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Travere Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.71.

Travere Therapeutics Trading Up 14.4%

The stock has a fifty day simple moving average of $33.35 and a 200 day simple moving average of $23.90. The company has a debt-to-equity ratio of 4.23, a quick ratio of 2.71 and a current ratio of 2.75. The firm has a market cap of $3.62 billion, a P/E ratio of -37.89 and a beta of 0.89.

Travere Therapeutics (NASDAQ:TVTX) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.59. Travere Therapeutics had a negative return on equity of 178.68% and a negative net margin of 20.32%.The firm had revenue of $164.86 million for the quarter, compared to the consensus estimate of $106.09 million. During the same period in the prior year, the company posted ($0.70) earnings per share. The company’s quarterly revenue was up 162.1% on a year-over-year basis. On average, research analysts expect that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Timothy Coughlin sold 18,000 shares of Travere Therapeutics stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $35.03, for a total value of $630,540.00. Following the completion of the sale, the director directly owned 55,500 shares in the company, valued at $1,944,165. The trade was a 24.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Eric M. Dube sold 27,128 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $30.12, for a total transaction of $817,095.36. Following the transaction, the chief executive officer directly owned 419,173 shares of the company’s stock, valued at $12,625,490.76. The trade was a 6.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 233,368 shares of company stock worth $7,660,972. 4.06% of the stock is owned by corporate insiders.

Institutional Trading of Travere Therapeutics

Large investors have recently modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in Travere Therapeutics during the second quarter valued at $33,000. First Horizon Corp bought a new stake in shares of Travere Therapeutics during the 3rd quarter valued at about $36,000. Headlands Technologies LLC purchased a new stake in shares of Travere Therapeutics during the 2nd quarter valued at about $73,000. Atria Investments Inc bought a new position in shares of Travere Therapeutics in the 2nd quarter worth approximately $154,000. Finally, Gallagher Fiduciary Advisors LLC purchased a new position in shares of Travere Therapeutics in the second quarter worth approximately $155,000.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc (NASDAQ: TVTX) is a biopharmaceutical company headquartered in San Diego, California, dedicated to the development and commercialization of therapies for rare kidney and genetic disorders. The company’s mission is to address unmet needs in conditions with limited treatment options by focusing on diseases that affect small patient populations. Travere combines research, development and commercial capabilities to bring innovative medicines to market.

The company’s lead product is sparsentan, a dual endothelin angiotensin receptor antagonist that has received accelerated approval from the U.S.