Travere Therapeutics (NASDAQ:TVTX) Trading Down 4.3% – Here’s Why

Travere Therapeutics, Inc. (NASDAQ:TVTX) shares dropped 4.3% on Wednesday . The company traded as low as $20.50 and last traded at $20.20. Approximately 232,515 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,234,086 shares. The stock had previously closed at $21.10.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised shares of Travere Therapeutics from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $9.00 to $27.00 in a report on Monday, October 21st. Leerink Partners restated an “outperform” rating and set a $20.00 target price on shares of Travere Therapeutics in a research note on Tuesday, October 8th. Wedbush raised their target price on shares of Travere Therapeutics from $17.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Bank of America raised their target price on shares of Travere Therapeutics from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, HC Wainwright raised their target price on shares of Travere Therapeutics from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Travere Therapeutics Stock Up 0.6 %

The company’s 50-day moving average is $18.56 and its 200 day moving average is $15.18. The company has a current ratio of 1.71, a quick ratio of 1.68 and a debt-to-equity ratio of 24.96. The stock has a market capitalization of $1.65 billion, a PE ratio of -4.63 and a beta of 0.70.

Travere Therapeutics (NASDAQ:TVTX) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.01. The business had revenue of $62.90 million for the quarter, compared to analysts’ expectations of $60.87 million. Travere Therapeutics had a negative net margin of 172.75% and a negative return on equity of 537.74%. The business’s revenue was up 69.6% on a year-over-year basis. During the same quarter last year, the company earned ($1.17) EPS. As a group, analysts anticipate that Travere Therapeutics, Inc. will post -3.92 EPS for the current year.

Insider Activity at Travere Therapeutics

In other Travere Therapeutics news, Director Roy D. Baynes sold 16,000 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $20.00, for a total value of $320,000.00. Following the transaction, the director now owns 31,000 shares in the company, valued at approximately $620,000. This trade represents a 34.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP William E. Rote sold 2,437 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $19.46, for a total value of $47,424.02. Following the completion of the transaction, the senior vice president now owns 83,170 shares in the company, valued at $1,618,488.20. The trade was a 2.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,143 shares of company stock valued at $1,167,512. 3.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TVTX. Rhumbline Advisers increased its position in shares of Travere Therapeutics by 2.2% during the 4th quarter. Rhumbline Advisers now owns 121,248 shares of the company’s stock worth $2,112,000 after purchasing an additional 2,640 shares during the last quarter. Entropy Technologies LP acquired a new position in Travere Therapeutics in the 4th quarter valued at about $214,000. abrdn plc acquired a new position in Travere Therapeutics in the 4th quarter valued at about $6,829,000. Jennison Associates LLC acquired a new position in Travere Therapeutics in the 4th quarter valued at about $14,222,000. Finally, China Universal Asset Management Co. Ltd. grew its position in Travere Therapeutics by 23.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 18,206 shares of the company’s stock valued at $317,000 after acquiring an additional 3,494 shares in the last quarter.

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.