Wedbush Reiterates “Outperform” Rating for Travere Therapeutics (NASDAQ:TVTX)

Travere Therapeutics (NASDAQ:TVTX)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a research report issued on Wednesday, Benzinga reports. They presently have a $13.00 price target on the stock. Wedbush’s price objective indicates a potential upside of 116.67% from the company’s previous close.

A number of other brokerages have also commented on TVTX. Wells Fargo & Company upped their target price on Travere Therapeutics from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Friday, February 16th. Guggenheim reiterated a “neutral” rating on shares of Travere Therapeutics in a research report on Wednesday, March 27th. HC Wainwright reiterated a “buy” rating and issued a $17.00 price target on shares of Travere Therapeutics in a research report on Wednesday, March 13th. Finally, Piper Sandler upped their price target on Travere Therapeutics from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Travere Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $17.85.

Travere Therapeutics Stock Performance

Shares of NASDAQ TVTX traded down $0.15 during trading hours on Wednesday, reaching $6.00. The stock had a trading volume of 751,145 shares, compared to its average volume of 1,241,405. The business’s fifty day moving average is $7.72 and its two-hundred day moving average is $7.77. The company has a debt-to-equity ratio of 1.88, a current ratio of 3.47 and a quick ratio of 3.41. The company has a market cap of $456.65 million, a price-to-earnings ratio of -3.73 and a beta of 0.58. Travere Therapeutics has a twelve month low of $5.25 and a twelve month high of $22.75.

Travere Therapeutics (NASDAQ:TVTX) last issued its earnings results on Thursday, February 15th. The company reported ($1.16) EPS for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.11. The business had revenue of $45.06 million during the quarter, compared to analyst estimates of $41.25 million. Travere Therapeutics had a negative return on equity of 177.97% and a negative net margin of 56.02%. As a group, research analysts expect that Travere Therapeutics will post -3.1 EPS for the current year.

Insider Transactions at Travere Therapeutics

In other news, CEO Eric M. Dube sold 7,873 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $8.96, for a total transaction of $70,542.08. Following the sale, the chief executive officer now owns 234,722 shares in the company, valued at $2,103,109.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Eric M. Dube sold 19,122 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $8.70, for a total value of $166,361.40. Following the transaction, the chief executive officer now owns 350,600 shares in the company, valued at $3,050,220. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eric M. Dube sold 7,873 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $8.96, for a total value of $70,542.08. Following the completion of the transaction, the chief executive officer now directly owns 234,722 shares in the company, valued at approximately $2,103,109.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,030 shares of company stock worth $419,773. Insiders own 4.06% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

Several hedge funds have recently added to or reduced their stakes in TVTX. State Street Corp lifted its stake in Travere Therapeutics by 31.2% in the second quarter. State Street Corp now owns 5,732,636 shares of the company’s stock valued at $88,053,000 after buying an additional 1,364,759 shares during the period. Avidity Partners Management LP acquired a new position in Travere Therapeutics in the third quarter valued at about $11,828,000. Kynam Capital Management LP lifted its stake in Travere Therapeutics by 105.6% in the fourth quarter. Kynam Capital Management LP now owns 2,000,000 shares of the company’s stock valued at $17,980,000 after buying an additional 1,027,398 shares during the period. Vanguard Group Inc. lifted its stake in Travere Therapeutics by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 5,515,143 shares of the company’s stock valued at $49,581,000 after buying an additional 847,685 shares during the period. Finally, Walleye Capital LLC lifted its stake in Travere Therapeutics by 1,679.9% in the second quarter. Walleye Capital LLC now owns 733,862 shares of the company’s stock valued at $11,272,000 after buying an additional 692,631 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.