Travere Therapeutics (NASDAQ:TVTX) Shares Up 8.9% – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX) rose 8.9% during trading on Friday . The stock traded as high as $14.86 and last traded at $14.86. Approximately 1,178,062 shares traded hands during trading, a decline of 12% from the average daily volume of 1,332,114 shares. The stock had previously closed at $13.65.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Wedbush boosted their price target on Travere Therapeutics from $13.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. HC Wainwright dropped 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, September 27th. JPMorgan Chase & Co. increased their target price on shares of Travere Therapeutics from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Bank of America decreased their price target on shares of Travere Therapeutics from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, September 27th. Finally, Guggenheim reduced their target price on Travere Therapeutics from $25.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, September 27th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.09.

Travere Therapeutics Price Performance

The company has a quick ratio of 2.99, a current ratio of 3.04 and a debt-to-equity ratio of 24.96. The firm has a 50 day moving average price of $11.10 and a 200 day moving average price of $8.67.

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

Insider Activity at Travere Therapeutics

In related news, Director Jeffrey A. Meckler sold 40,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $14.06, for a total transaction of $562,400.00. Following the transaction, the director now directly owns 81,000 shares in the company, valued at approximately $1,138,860. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Jeffrey A. Meckler sold 40,000 shares of Travere Therapeutics stock in a transaction on Monday, September 30th. The stock was sold at an average price of $14.06, for a total transaction of $562,400.00. Following the sale, the director now directly owns 81,000 shares in the company, valued at approximately $1,138,860. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 70,707 shares of company stock valued at $915,112 over the last ninety days. Corporate insiders own 3.75% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC bought a new position in shares of Travere Therapeutics during the 1st quarter valued at approximately $32,000. DRW Securities LLC purchased a new position in Travere Therapeutics in the second quarter valued at approximately $95,000. Forefront Analytics LLC grew its holdings in Travere Therapeutics by 10.2% during the second quarter. Forefront Analytics LLC now owns 13,317 shares of the company’s stock valued at $109,000 after purchasing an additional 1,237 shares during the period. Sei Investments Co. purchased a new stake in Travere Therapeutics in the second quarter worth $117,000. Finally, Quest Partners LLC raised its stake in shares of Travere Therapeutics by 240.6% in the second quarter. Quest Partners LLC now owns 14,336 shares of the company’s stock valued at $118,000 after buying an additional 10,127 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.