Travere Therapeutics (NASDAQ:TVTX) Shares Gap Down - Here's What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $14.15, but opened at $13.56. Travere Therapeutics shares last traded at $13.37, with a volume of 108,037 shares trading hands.

Wall Street Analysts Forecast Growth

TVTX has been the subject of several analyst reports. Citigroup upped their price objective on Travere Therapeutics from $31.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, February 24th. HC Wainwright increased their price target on Travere Therapeutics from $18.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. Evercore ISI boosted their price objective on shares of Travere Therapeutics from $33.00 to $45.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Canaccord Genuity Group upped their price objective on shares of Travere Therapeutics from $45.00 to $47.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Bank of America lifted their target price on shares of Travere Therapeutics from $29.00 to $31.00 and gave the company a "buy" rating in a report on Tuesday, April 1st. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Travere Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.08.

Travere Therapeutics Price Performance

The firm has a market cap of $1.32 billion, a PE ratio of -3.62 and a beta of 0.84. The company has a current ratio of 1.71, a quick ratio of 1.68 and a debt-to-equity ratio of 24.96. The company has a 50 day moving average price of $19.60 and a 200 day moving average price of $18.59.

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Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its earnings results on Thursday, February 20th. The company reported ($0.73) EPS for the quarter, missing analysts' consensus estimates of ($0.58) by ($0.15). Travere Therapeutics had a negative return on equity of 1,636.87% and a negative net margin of 137.90%. The firm had revenue of $74.79 million for the quarter, compared to analysts' expectations of $72.38 million. On average, sell-side analysts expect that Travere Therapeutics, Inc. will post -1.4 EPS for the current year.

Insider Buying and Selling at Travere Therapeutics

In other Travere Therapeutics news, CEO Eric M. Dube sold 10,736 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $19.46, for a total transaction of $208,922.56. Following the sale, the chief executive officer now owns 351,239 shares in the company, valued at approximately $6,835,110.94. This represents a 2.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sandra Calvin sold 54,244 shares of the business's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $25.00, for a total value of $1,356,100.00. Following the completion of the transaction, the chief accounting officer now directly owns 54,410 shares of the company's stock, valued at approximately $1,360,250. This trade represents a 49.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 188,829 shares of company stock worth $4,146,997. 3.75% of the stock is owned by corporate insiders.

Institutional Trading of Travere Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. boosted its holdings in Travere Therapeutics by 9.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,905 shares of the company's stock worth $138,000 after acquiring an additional 667 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of Travere Therapeutics during the fourth quarter worth $31,000. Sterling Capital Management LLC boosted its stake in shares of Travere Therapeutics by 859.8% in the fourth quarter. Sterling Capital Management LLC now owns 2,361 shares of the company's stock valued at $41,000 after purchasing an additional 2,115 shares during the period. Rhumbline Advisers grew its holdings in Travere Therapeutics by 2.2% during the 4th quarter. Rhumbline Advisers now owns 121,248 shares of the company's stock valued at $2,112,000 after purchasing an additional 2,640 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in Travere Therapeutics by 13.5% during the 4th quarter. Arizona State Retirement System now owns 22,396 shares of the company's stock worth $390,000 after buying an additional 2,666 shares during the period.

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.