Travere Therapeutics (NASDAQ:TVTX) Reaches New 12-Month High - Here's What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) hit a new 52-week high during trading on Friday . The stock traded as high as $19.55 and last traded at $19.51, with a volume of 2602457 shares traded. The stock had previously closed at $17.66.

Analyst Ratings Changes

A number of brokerages recently weighed in on TVTX. Wells Fargo & Company raised shares of Travere Therapeutics from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $9.00 to $27.00 in a research note on Monday, October 21st. Canaccord Genuity Group cut their target price on shares of Travere Therapeutics from $23.00 to $22.00 and set a "buy" rating for the company in a research report on Monday, September 30th. Barclays raised their price target on Travere Therapeutics from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Friday, November 1st. HC Wainwright reduced their price objective on Travere Therapeutics from $23.00 to $18.00 and set a "buy" rating on the stock in a research report on Friday, September 27th. Finally, Bank of America boosted their target price on Travere Therapeutics from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.85.

Travere Therapeutics Stock Up 12.4 %

The company's fifty day simple moving average is $15.21 and its 200 day simple moving average is $10.42. The company has a quick ratio of 1.68, a current ratio of 1.71 and a debt-to-equity ratio of 24.96. The firm has a market capitalization of $1.55 billion, a PE ratio of -4.29 and a beta of 0.70.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.01. The company had revenue of $62.90 million for the quarter, compared to analysts' expectations of $60.87 million. Travere Therapeutics had a negative return on equity of 537.74% and a negative net margin of 172.75%. The firm's revenue for the quarter was up 69.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.17) earnings per share. Analysts anticipate that Travere Therapeutics, Inc. will post -4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Travere Therapeutics news, Director Jeffrey A. Meckler sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $14.06, for a total transaction of $562,400.00. Following the completion of the transaction, the director now owns 81,000 shares of the company's stock, valued at approximately $1,138,860. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Jeffrey A. Meckler sold 40,000 shares of the company's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $14.06, for a total value of $562,400.00. Following the transaction, the director now directly owns 81,000 shares of the company's stock, valued at approximately $1,138,860. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eric M. Dube sold 21,125 shares of Travere Therapeutics stock in a transaction on Monday, September 9th. The stock was sold at an average price of $11.52, for a total value of $243,360.00. Following the completion of the sale, the chief executive officer now directly owns 361,975 shares of the company's stock, valued at approximately $4,169,952. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,707 shares of company stock valued at $1,504,312 over the last quarter. Corporate insiders own 3.75% of the company's stock.

Institutional Investors Weigh In On Travere Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC purchased a new position in shares of Travere Therapeutics in the 1st quarter worth $32,000. CWM LLC increased its position in shares of Travere Therapeutics by 158.5% during the 3rd quarter. CWM LLC now owns 4,999 shares of the company's stock valued at $70,000 after purchasing an additional 3,065 shares during the last quarter. DRW Securities LLC bought a new position in shares of Travere Therapeutics in the 2nd quarter worth approximately $95,000. Forefront Analytics LLC boosted its holdings in shares of Travere Therapeutics by 10.2% in the second quarter. Forefront Analytics LLC now owns 13,317 shares of the company's stock worth $109,000 after buying an additional 1,237 shares during the last quarter. Finally, Sei Investments Co. bought a new position in Travere Therapeutics in the second quarter worth approximately $117,000.

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.

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