HC Wainwright Reiterates Buy Rating for Travere Therapeutics (NASDAQ:TVTX)

Travere Therapeutics (NASDAQ:TVTX)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $47.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 53.09% from the company’s previous close.

A number of other research firms have also weighed in on TVTX. JPMorgan Chase & Co. dropped their price objective on shares of Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 25th. Guggenheim reaffirmed a “buy” rating and issued a $49.00 price objective on shares of Travere Therapeutics in a research note on Wednesday, January 14th. Wall Street Zen lowered shares of Travere Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 21st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Travere Therapeutics in a research note on Wednesday, January 21st. Finally, Citigroup reissued a “buy” rating on shares of Travere Therapeutics in a research report on Tuesday. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.27.

Travere Therapeutics Stock Up 6.0%

Travere Therapeutics stock opened at $30.70 on Tuesday. Travere Therapeutics has a 1-year low of $13.88 and a 1-year high of $42.13. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of -102.33 and a beta of 0.86. The firm’s fifty day moving average price is $29.20 and its two-hundred day moving average price is $31.18. The company has a current ratio of 2.74, a quick ratio of 2.70 and a debt-to-equity ratio of 2.71.

Insider Activity at Travere Therapeutics

In related news, insider William E. Rote sold 12,446 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $32.87, for a total transaction of $409,100.02. Following the transaction, the insider directly owned 109,087 shares of the company’s stock, valued at $3,585,689.69. This trade represents a 10.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roy D. Baynes sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $33.00, for a total transaction of $330,000.00. Following the transaction, the director directly owned 37,500 shares in the company, valued at $1,237,500. The trade was a 21.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 312,067 shares of company stock valued at $9,755,570 over the last three months. Insiders own 4.06% of the company’s stock.

Institutional Trading of Travere Therapeutics

Large investors have recently added to or reduced their stakes in the stock. State of Wyoming purchased a new stake in Travere Therapeutics during the fourth quarter worth about $37,000. Torren Management LLC purchased a new stake in Travere Therapeutics during the fourth quarter worth about $38,000. Comerica Bank increased its holdings in Travere Therapeutics by 77.5% during the fourth quarter. Comerica Bank now owns 1,127 shares of the company’s stock worth $43,000 after buying an additional 492 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Travere Therapeutics by 69.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company’s stock worth $45,000 after buying an additional 487 shares during the last quarter. Finally, First Horizon Corp purchased a new stake in Travere Therapeutics during the third quarter worth about $36,000.

About Travere Therapeutics

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.