Scotiabank Forecasts Strong Price Appreciation for Travere Therapeutics (NASDAQ:TVTX) Stock

Travere Therapeutics (NASDAQ:TVTX) had its price objective hoisted by Scotiabank from $23.00 to $27.00 in a research note released on Friday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Other equities analysts have also issued reports about the stock. Barclays raised their price target on shares of Travere Therapeutics from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday. Canaccord Genuity Group decreased their target price on shares of Travere Therapeutics from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Bank of America increased their price target on Travere Therapeutics from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler lifted 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. Finally, Wedbush upped their target price on Travere Therapeutics from $17.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.85.

Travere Therapeutics Price Performance

Shares of TVTX opened at $17.57 on Friday. The company has a debt-to-equity ratio of 24.96, a current ratio of 3.04 and a quick ratio of 2.99. The company’s fifty day moving average price is $14.53 and its 200-day moving average price is $10.12. Travere Therapeutics has a 1-year low of $5.12 and a 1-year high of $19.25. The firm has a market capitalization of $1.34 billion, a PE ratio of -3.86 and a beta of 0.70.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.71) by $0.01. Travere Therapeutics had a negative return on equity of 360.96% and a negative net margin of 172.75%. The business had revenue of $62.90 million for the quarter, compared to the consensus estimate of $60.87 million. During the same quarter in the previous year, the business earned ($1.17) EPS. The company’s quarterly revenue was up 69.6% compared to the same quarter last year. On average, equities research analysts predict that Travere Therapeutics will post -3.95 EPS for the current year.

Insider Activity

In other news, Director Jeffrey A. Meckler sold 40,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 81,000 shares in the company, valued at $1,138,860. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Christopher R. Cline sold 2,490 shares of Travere Therapeutics stock in a transaction dated Monday, September 9th. The stock was 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 in the company, valued at approximately $859,334.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey A. Meckler sold 40,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $14.06, for a total value of $562,400.00. Following the transaction, the director now directly owns 81,000 shares of the company’s stock, valued at $1,138,860. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,707 shares of company stock worth $1,504,312 over the last three months. 3.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Travere Therapeutics

Several large investors have recently made changes to their positions in TVTX. Vanguard Group Inc. boosted its stake in Travere Therapeutics by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 6,265,829 shares of the company’s stock worth $48,310,000 after purchasing an additional 750,686 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Travere Therapeutics by 33.9% in the second quarter. Millennium Management LLC now owns 2,949,335 shares of the company’s stock worth $24,244,000 after buying an additional 747,406 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Travere Therapeutics by 912.5% during the second quarter. Assenagon Asset Management S.A. now owns 2,214,099 shares of the company’s stock worth $18,200,000 after acquiring an additional 1,995,419 shares during the last quarter. Emerald Advisers LLC grew its stake in Travere Therapeutics by 19.8% during the 3rd quarter. Emerald Advisers LLC now owns 1,960,659 shares of the company’s stock valued at $27,430,000 after acquiring an additional 323,513 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust raised its holdings in Travere Therapeutics by 26.0% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 1,185,709 shares of the company’s stock valued at $16,588,000 after acquiring an additional 244,444 shares during the last quarter.

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.