Travere Therapeutics (NASDAQ:TVTX) Stock Bumped Down to “Strong Sell” by Zacks Research

Zacks Research lowered shares of Travere Therapeutics (NASDAQ:TVTX) from a hold rating to a strong sell rating in a research report sent to investors on Tuesday morning,Zacks reports.

A number of other research analysts have also recently commented on TVTX. Weiss Ratings reiterated a “sell (e+)” rating on shares of Travere Therapeutics in a report on Friday, September 18th. TD Cowen raised their target price on Travere Therapeutics from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Canaccord Genuity Group raised their target price on Travere Therapeutics from $62.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Citigroup lifted their target price on Travere Therapeutics from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $76.00 price target on shares of Travere Therapeutics in a research note on Tuesday, September 22nd. Ten research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.

Travere Therapeutics Price Performance

Shares of TVTX stock opened at $52.58 on Tuesday. The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The company has a market capitalization of $4.96 billion, a PE ratio of -114.30 and a beta of 1.13. The firm’s 50-day moving average is $60.89 and its two-hundred day moving average is $53.23. Travere Therapeutics has a 12 month low of $22.59 and a 12 month high of $68.73.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.03. The business had revenue of $169.58 million during the quarter, compared to analysts’ expectations of $157.27 million. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The business’s revenue for the quarter was up 48.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.13 EPS. Analysts predict that Travere Therapeutics will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider William Rote sold 112,850 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $63.33, for a total value of $7,146,790.50. Following the transaction, the insider directly owned 98,197 shares in the company, valued at approximately $6,218,816.01. This represents a 53.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric Dube sold 243,735 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $53.82, for a total transaction of $13,117,817.70. Following the completion of the transaction, the chief executive officer owned 432,886 shares in the company, valued at approximately $23,297,924.52. This represents a 36.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 1,294,029 shares of company stock worth $79,454,261. Insiders own 4.44% of the company’s stock.

Institutional Trading of Travere Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Travere Therapeutics by 53.4% during the second quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock worth $34,000 after buying an additional 211 shares during the period. Fifth Third Bancorp acquired a new stake in shares of Travere Therapeutics in the first quarter valued at $35,000. Allworth Financial LP acquired a new stake in shares of Travere Therapeutics in the second quarter valued at $47,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Travere Therapeutics in the 2nd quarter valued at $70,000. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of Travere Therapeutics by 1,604.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,642 shares of the company’s stock valued at $101,000 after buying an additional 2,487 shares during the period.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare diseases, with an emphasis on serious kidney conditions. The company’s work centers on addressing diseases with limited treatment options and improving outcomes for patients with progressive renal disorders.

Travere’s lead commercial product is FILSPARI (sparsentan), an oral treatment for adults with primary immunoglobulin A nephropathy (IgA nephropathy) who are at risk of disease progression.