Travere Therapeutics (NASDAQ:TVTX) Price Target Cut to $22.00 by Analysts at Canaccord Genuity Group

Travere Therapeutics (NASDAQ:TVTX) had its price objective reduced by equities researchers at Canaccord Genuity Group from $23.00 to $22.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 58.62% from the company’s current price.

Other research analysts have also issued reports about the stock. HC Wainwright lowered their target price on shares of Travere Therapeutics from $23.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday. Piper Sandler raised their price objective on Travere Therapeutics from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Citigroup dropped their price target on Travere Therapeutics from $23.00 to $19.00 and set a “buy” rating for the company in a research report on Friday. JPMorgan Chase & Co. boosted their price objective on shares of Travere Therapeutics from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, September 13th. Finally, Wedbush raised their target price on shares of Travere Therapeutics from $13.00 to $16.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.73.

Travere Therapeutics Stock Performance

Shares of NASDAQ:TVTX traded down $0.14 during midday trading on Monday, hitting $13.87. The stock had a trading volume of 260,448 shares, compared to its average volume of 1,309,529. The company has a market capitalization of $1.06 billion, a PE ratio of -6.61 and a beta of 0.71. Travere Therapeutics has a 1 year low of $5.12 and a 1 year high of $15.36. The stock has a 50 day moving average price of $10.66 and a two-hundred day moving average price of $8.45. The company has a current ratio of 3.04, a quick ratio of 2.99 and a debt-to-equity ratio of 24.96.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.87) by ($0.03). The business had revenue of $54.12 million during the quarter, compared to analyst estimates of $49.50 million. Travere Therapeutics had a negative net margin of 82.14% and a negative return on equity of 269.18%. As a group, equities analysts predict that Travere Therapeutics will post -3.95 earnings per share for the current fiscal year.

Insider Activity at Travere Therapeutics

In other Travere Therapeutics news, CEO Eric M. Dube sold 21,125 shares of the business’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 $243,360.00. Following the completion of the transaction, the chief executive officer now directly owns 361,975 shares in the company, valued at approximately $4,169,952. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Christopher R. Cline sold 2,490 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $11.52, for a total value of $28,684.80. Following the sale, the chief financial officer now directly owns 74,595 shares of the company’s stock, valued at $859,334.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Dube sold 21,125 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $11.52, for a total transaction of $243,360.00. Following the transaction, the chief executive officer now directly owns 361,975 shares of the company’s stock, valued at approximately $4,169,952. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,707 shares of company stock valued at $352,712. Company insiders own 3.75% of the company’s stock.

Institutional Trading of Travere Therapeutics

Several institutional investors have recently made changes to their positions in TVTX. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Travere Therapeutics by 203.0% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 615,000 shares of the company’s stock valued at $5,055,000 after acquiring an additional 412,000 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Travere Therapeutics during the second quarter worth about $291,000. Forefront Analytics LLC raised its holdings in shares of Travere Therapeutics by 10.2% in the 2nd quarter. Forefront Analytics LLC now owns 13,317 shares of the company’s stock worth $109,000 after purchasing an additional 1,237 shares during the period. Millennium Management LLC lifted its stake in shares of Travere Therapeutics by 33.9% in the 2nd quarter. Millennium Management LLC now owns 2,949,335 shares of the company’s stock valued at $24,244,000 after purchasing an additional 747,406 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Travere Therapeutics by 55.7% during the 2nd quarter. AQR Capital Management LLC now owns 74,069 shares of the company’s stock worth $609,000 after purchasing an additional 26,485 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.