Travere Therapeutics (NASDAQ:TVTX) Shares Gap Down Following Analyst Downgrade

Travere Therapeutics, Inc. (NASDAQ:TVTX) gapped down before the market opened on Friday after HC Wainwright lowered their price target on the stock from $23.00 to $18.00. The stock had previously closed at $15.04, but opened at $14.18. HC Wainwright currently has a buy rating on the stock. Travere Therapeutics shares last traded at $14.52, with a volume of 224,825 shares changing hands.

Several other research analysts have also recently weighed in on TVTX. Canaccord Genuity Group raised their target price on Travere Therapeutics from $18.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Piper Sandler raised their price objective on shares of Travere Therapeutics from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Guggenheim upgraded shares of Travere Therapeutics from a “neutral” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Monday, September 9th. Barclays raised their target price on shares of Travere Therapeutics from $12.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, Citigroup upped their price target on Travere Therapeutics from $14.00 to $23.00 and gave the company a “buy” rating in a report on Friday, September 6th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Travere Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $17.36.

Insider Buying and Selling at Travere Therapeutics

In related news, SVP William E. Rote sold 4,387 shares of the stock in a transaction dated 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 sale, the senior vice president now directly owns 84,455 shares of the company’s stock, valued at approximately $972,921.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, SVP William E. Rote sold 4,387 shares of the business’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 transaction of $50,538.24. Following the transaction, the senior vice president now directly owns 84,455 shares of the company’s stock, valued at $972,921.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jula Inrig sold 2,191 shares of the company’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 transaction of $25,240.32. Following the completion of the transaction, the insider now owns 62,633 shares in the company, valued at approximately $721,532.16. The disclosure for this sale can be found here. Insiders have sold a total of 30,707 shares of company stock valued at $352,712 in the last three months. 3.75% of the stock is currently owned by company insiders.

Institutional Trading of Travere Therapeutics

Institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its position in Travere Therapeutics by 912.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,214,099 shares of the company’s stock worth $18,200,000 after purchasing an additional 1,995,419 shares during the last quarter. Kynam Capital Management LP grew its stake in shares of Travere Therapeutics by 105.6% in the 4th 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 in the last quarter. Vanguard Group Inc. increased its holdings in Travere Therapeutics by 13.6% in the first quarter. Vanguard Group Inc. now owns 6,265,829 shares of the company’s stock worth $48,310,000 after buying an additional 750,686 shares during the last quarter. Millennium Management LLC raised its position in Travere Therapeutics by 33.9% during the second quarter. Millennium Management LLC now owns 2,949,335 shares of the company’s stock valued at $24,244,000 after acquiring an additional 747,406 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Travere Therapeutics in the fourth quarter valued at approximately $5,711,000.

Travere Therapeutics Price Performance

The company has a market capitalization of $1.11 billion, a P/E ratio of -7.16 and a beta of 0.71. The company’s 50-day simple moving average is $10.57 and its 200 day simple moving average is $8.40. 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) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $49.50 million. As a group, sell-side analysts expect that Travere Therapeutics, Inc. will post -3.95 earnings per share for the current fiscal 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.