Travere Therapeutics (NASDAQ:TVTX) Shares Gap Up Following Analyst Upgrade

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) gapped up before the market opened on Tuesday after Canaccord Genuity Group raised their price target on the stock from $15.00 to $18.00. The stock had previously closed at $6.55, but opened at $7.40. Canaccord Genuity Group currently has a buy rating on the stock. Travere Therapeutics shares last traded at $7.26, with a volume of 224,770 shares traded.

A number of other brokerages also recently issued reports on TVTX. Wells Fargo & Company raised their price objective on Travere Therapeutics from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Friday, February 16th. Piper Sandler boosted their price target on shares of Travere Therapeutics from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. HC Wainwright increased their price objective on shares of Travere Therapeutics from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Guggenheim reiterated a “neutral” rating on shares of Travere Therapeutics in a report on Wednesday, March 27th. Finally, Wedbush restated an “outperform” rating and set a $13.00 price target on shares of Travere Therapeutics in a research note on Wednesday, April 17th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.69.

Hedge Funds Weigh In On Travere Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC raised its holdings in Travere Therapeutics by 1,656.4% in the fourth quarter. Signaturefd LLC now owns 3,021 shares of the company’s stock valued at $27,000 after acquiring an additional 2,849 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Travere Therapeutics by 968.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,650 shares of the company’s stock valued at $51,000 after purchasing an additional 5,121 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Travere Therapeutics by 353.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,690 shares of the company’s stock valued at $78,000 after purchasing an additional 6,773 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Travere Therapeutics during the 4th quarter worth $137,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Travere Therapeutics by 32.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,511 shares of the company’s stock worth $148,000 after purchasing an additional 4,007 shares in the last quarter.

Travere Therapeutics Stock Up 3.1 %

The stock has a market cap of $513.74 million, a PE ratio of -4.19 and a beta of 0.69. The company has a quick ratio of 3.41, a current ratio of 3.47 and a debt-to-equity ratio of 1.88. The firm has a fifty day moving average of $7.04 and a 200 day moving average of $7.61.

Travere Therapeutics (NASDAQ:TVTX) last issued its earnings results on Monday, May 6th. The company reported ($1.76) earnings per share for the quarter, missing the consensus estimate of ($0.98) by ($0.78). The business had revenue of $41.40 million for the quarter, compared to analyst estimates of $43.46 million. Travere Therapeutics had a negative return on equity of 177.97% and a negative net margin of 56.02%. Travere Therapeutics’s revenue was up 34.0% on a year-over-year basis. During the same period last year, the business posted ($1.27) EPS. On average, equities research analysts anticipate that Travere Therapeutics, Inc. will post -3.1 EPS for the current fiscal year.

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.