Travere Therapeutics (NASDAQ:TVTX) Issues Earnings Results

Travere Therapeutics (NASDAQ:TVTX) released its earnings results on Tuesday. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.24), Zacks reports. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.

Travere Therapeutics Stock Performance

TVTX traded up $1.26 during trading on Tuesday, hitting $56.24. The stock had a trading volume of 1,867,374 shares, compared to its average volume of 2,104,494. The company has a debt-to-equity ratio of 3.16, a current ratio of 3.13 and a quick ratio of 3.08. The company has a 50 day moving average price of $53.77 and a 200-day moving average price of $40.46. Travere Therapeutics has a one year low of $15.60 and a one year high of $60.10. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of -244.49 and a beta of 1.12.

Insider Activity at Travere Therapeutics

In related news, Director Roy D. Baynes sold 4,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $50.00, for a total transaction of $225,000.00. Following the transaction, the director directly owned 41,500 shares of the company’s stock, valued at approximately $2,075,000. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William E. Rote sold 2,763 shares of Travere Therapeutics stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total transaction of $121,433.85. Following the completion of the sale, the insider owned 115,474 shares of the company’s stock, valued at $5,075,082.30. This trade represents a 2.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 42,460 shares of company stock valued at $1,954,542. 4.44% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new stake in shares of Travere Therapeutics in the second quarter valued at approximately $33,000. State of Wyoming bought a new position in Travere Therapeutics during the 4th quarter worth $37,000. Smartleaf Asset Management LLC increased its stake in Travere Therapeutics by 69.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company’s stock worth $45,000 after acquiring an additional 487 shares during the period. Headlands Technologies LLC acquired a new position in Travere Therapeutics in the 2nd quarter valued at $73,000. Finally, Empowered Funds LLC bought a new stake in shares of Travere Therapeutics during the 4th quarter valued at $115,000.

Analyst Ratings Changes

TVTX has been the subject of several recent research reports. Citigroup upped their price objective on Travere Therapeutics from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Wedbush lifted their target price on Travere Therapeutics from $55.00 to $61.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. HC Wainwright upped their price target on Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Wells Fargo & Company lifted their price objective on shares of Travere Therapeutics from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Finally, TD Cowen increased their target price on shares of Travere Therapeutics from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.58.

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.