Travere Therapeutics (NASDAQ:TVTX) Hits New 52-Week High on Analyst Upgrade

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) reached a new 52-week high on Monday after JPMorgan Chase & Co. raised their price target on the stock from $20.00 to $23.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Travere Therapeutics traded as high as $14.33 and last traded at $14.33, with a volume of 249 shares changing hands. The stock had previously closed at $13.48.

Other equities research analysts have also issued reports about the company. Canaccord Genuity Group upped their price objective on Travere Therapeutics from $18.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Barclays upped their price objective on Travere Therapeutics from $12.00 to $14.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Bank of America upped their price objective on Travere Therapeutics from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Guggenheim upgraded Travere Therapeutics from a “neutral” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Monday, September 9th. Finally, Citigroup increased their price target on Travere Therapeutics from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Travere Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $17.58.

Insiders Place Their Bets

In other Travere Therapeutics news, SVP William E. Rote sold 4,387 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $11.52, for a total transaction of $50,538.24. Following the transaction, the senior vice president now owns 84,455 shares of the company’s stock, valued at approximately $972,921.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Travere Therapeutics news, insider Jula Inrig sold 2,191 shares of Travere Therapeutics stock in a transaction on Monday, September 9th. The shares were sold at an average price of $11.52, for a total transaction of $25,240.32. Following the completion of the sale, the insider now owns 62,633 shares of the company’s stock, valued at approximately $721,532.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP William E. Rote sold 4,387 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $11.52, for a total value of $50,538.24. Following the completion of the transaction, the senior vice president now owns 84,455 shares in the company, valued at $972,921.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,707 shares of company stock valued at $352,712. 3.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Travere Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC bought a new stake in shares of Travere Therapeutics in the 1st quarter valued at about $32,000. DRW Securities LLC acquired a new stake in Travere Therapeutics in the second quarter worth $95,000. Forefront Analytics LLC boosted its position in shares of Travere Therapeutics by 10.2% during the second quarter. Forefront Analytics LLC now owns 13,317 shares of the company’s stock worth $109,000 after purchasing an additional 1,237 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Travere Therapeutics by 68.6% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 14,652 shares of the company’s stock valued at $113,000 after buying an additional 5,962 shares during the period. Finally, Sei Investments Co. bought a new stake in shares of Travere Therapeutics in the 2nd quarter valued at $117,000.

Travere Therapeutics Trading Up 5.6 %

The company has a fifty day simple moving average of $9.68 and a two-hundred day simple moving average of $7.99. The stock has a market capitalization of $1.09 billion, a P/E ratio of -6.42 and a beta of 0.71. The company has a quick ratio of 2.99, a current ratio of 3.04 and a debt-to-equity ratio of 24.96.

Travere Therapeutics (NASDAQ:TVTX) last posted its earnings results on Thursday, August 1st. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.03). Travere Therapeutics had a negative return on equity of 269.18% and a negative net margin of 82.14%. The business had revenue of $54.12 million for the quarter, compared to the consensus estimate of $49.50 million. On average, sell-side analysts expect that Travere Therapeutics, Inc. will post -3.96 earnings per share for the current year.

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.