Travere Therapeutics (NASDAQ:TVTX) Trading Down 8% - Here's What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report)'s stock price dropped 8% during trading on Monday . The stock traded as low as $17.60 and last traded at $18.10. Approximately 284,601 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,473,363 shares. The stock had previously closed at $19.68.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TVTX shares. Canaccord Genuity Group increased their price objective on shares of Travere Therapeutics from $22.00 to $45.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. HC Wainwright upped their target price on Travere Therapeutics from $18.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Travere Therapeutics in a report on Thursday. Bank of America upped their price objective on Travere Therapeutics from $29.00 to $31.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Citigroup raised their price objective on Travere Therapeutics from $31.00 to $35.00 and gave the company a "buy" rating in a research report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Travere Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.46.

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Travere Therapeutics Stock Performance

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 market cap of $1.47 billion, a PE ratio of -4.04 and a beta of 0.75. The firm's 50-day simple moving average is $20.68 and its two-hundred day simple moving average is $18.59.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released 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 analyst estimates of $72.38 million. As a group, research analysts anticipate that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Travere Therapeutics

In other news, SVP William E. Rote sold 2,437 shares of the company's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $19.46, for a total value of $47,424.02. Following the sale, the senior vice president now owns 83,170 shares in the company, valued at $1,618,488.20. This represents a 2.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Heerma sold 1,584 shares of the firm's stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $18.94, for a total transaction of $30,000.96. Following the sale, the insider now directly owns 106,374 shares in the company, valued at $2,014,723.56. The trade was a 1.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 191,335 shares of company stock valued at $4,194,712. 3.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Travere Therapeutics

Hedge funds have recently bought and sold shares of the business. GF Fund Management CO. LTD. acquired a new position in shares of Travere Therapeutics during the 4th quarter worth approximately $31,000. Sterling Capital Management LLC raised its position in Travere Therapeutics by 859.8% during the fourth quarter. Sterling Capital Management LLC now owns 2,361 shares of the company's stock worth $41,000 after acquiring an additional 2,115 shares during the period. R Squared Ltd purchased a new position in Travere Therapeutics during the fourth quarter valued at $53,000. Gen Wealth Partners Inc acquired a new stake in shares of Travere Therapeutics in the fourth quarter valued at about $73,000. Finally, Quarry LP purchased a new stake in shares of Travere Therapeutics during the third quarter worth about $105,000.

About Travere Therapeutics

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.