Travere Therapeutics (NASDAQ:TVTX) Trading 7.2% Higher - Here's What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report)'s share price shot up 7.2% on Thursday . The stock traded as high as $18.67 and last traded at $18.67. 606,293 shares were traded during trading, a decline of 56% from the average session volume of 1,383,476 shares. The stock had previously closed at $17.42.

Wall Street Analysts Forecast Growth

TVTX has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their price target on Travere Therapeutics from $20.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, September 13th. HC Wainwright reduced their target price on Travere Therapeutics from $23.00 to $18.00 and set a "buy" rating for the company in a research note on Friday, September 27th. Wells Fargo & Company raised shares of Travere Therapeutics from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $9.00 to $27.00 in a research report on Monday, October 21st. Barclays upped their price target on shares of Travere Therapeutics from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Friday, November 1st. Finally, Scotiabank raised their price objective on shares of Travere Therapeutics from $23.00 to $27.00 and gave the stock a "sector outperform" rating in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Travere Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $23.67.

Travere Therapeutics Stock Up 8.9 %

The company has a debt-to-equity ratio of 24.96, a current ratio of 1.71 and a quick ratio of 1.68. The stock's fifty day simple moving average is $18.09 and its 200-day simple moving average is $13.64. The stock has a market cap of $1.48 billion, a P/E ratio of -4.17 and a beta of 0.69.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.70) earnings per share for the quarter, topping analysts' consensus estimates of ($0.71) by $0.01. The business 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 business's quarterly revenue was up 69.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.17) EPS. On average, research analysts anticipate that Travere Therapeutics, Inc. will post -3.94 earnings per share for the current year.

Insider Activity

In related news, CAO Sandra Calvin sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $17.22, for a total value of $258,300.00. Following the sale, the chief accounting officer now directly owns 54,927 shares in the company, valued at $945,842.94. This trade represents a 21.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gary A. Lyons sold 40,000 shares of the business's stock in a transaction on Friday, October 4th. The stock was sold at an average price of $14.73, for a total value of $589,200.00. Following the transaction, the director now owns 51,000 shares of the company's stock, valued at $751,230. This trade represents a 43.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,090 shares of company stock valued at $1,068,747. 3.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Travere Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of TVTX. Virtu Financial LLC bought a new position in Travere Therapeutics in the 3rd quarter valued at about $301,000. Geode Capital Management LLC boosted its holdings in shares of Travere Therapeutics by 3.9% in the third quarter. Geode Capital Management LLC now owns 1,731,045 shares of the company's stock valued at $24,222,000 after acquiring an additional 64,744 shares in the last quarter. Two Sigma Advisers LP increased its stake in shares of Travere Therapeutics by 30.2% during the third quarter. Two Sigma Advisers LP now owns 720,400 shares of the company's stock valued at $10,078,000 after acquiring an additional 167,100 shares during the period. Quarry LP bought a new stake in Travere Therapeutics during the third quarter worth approximately $105,000. Finally, Parkman Healthcare Partners LLC lifted its position in Travere Therapeutics by 12.0% in the third quarter. Parkman Healthcare Partners LLC now owns 1,086,067 shares of the company's stock worth $15,194,000 after purchasing an additional 116,175 shares during the period.

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.