Travere Therapeutics (NASDAQ:TVTX) Given New $18.00 Price Target at Canaccord Genuity Group

Travere Therapeutics (NASDAQ:TVTX) had its target price increased by research analysts at Canaccord Genuity Group from $15.00 to $18.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 163.93% from the stock’s previous close.

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

Travere Therapeutics Trading Up 1.0 %

Shares of NASDAQ TVTX opened at $6.82 on Tuesday. Travere Therapeutics has a twelve month low of $5.12 and a twelve month high of $19.54. The firm has a market cap of $519.07 million, a PE ratio of -4.24 and a beta of 0.69. The business has a fifty day simple moving average of $6.99 and a two-hundred day simple moving average of $7.60. The company has a quick ratio of 3.41, a current ratio of 3.47 and a debt-to-equity ratio of 1.88.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings data 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). Travere Therapeutics had a negative net margin of 56.02% and a negative return on equity of 177.97%. The firm had revenue of $41.40 million during the quarter, compared to the consensus estimate of $43.46 million. During the same quarter in the previous year, the firm earned ($1.27) earnings per share. The business’s revenue was up 34.0% compared to the same quarter last year. Analysts expect that Travere Therapeutics will post -3.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TVTX. Avidity Partners Management LP purchased a new position in shares of Travere Therapeutics in the third quarter worth $11,828,000. Kynam Capital Management LP raised its holdings in shares of Travere Therapeutics by 105.6% in the fourth quarter. Kynam Capital Management LP now owns 2,000,000 shares of the company’s stock worth $17,980,000 after buying an additional 1,027,398 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Travere Therapeutics in the fourth quarter worth $5,711,000. Finepoint Capital LP raised its holdings in shares of Travere Therapeutics by 60.2% in the fourth quarter. Finepoint Capital LP now owns 1,435,321 shares of the company’s stock worth $12,904,000 after buying an additional 539,500 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Travere Therapeutics by 10.9% during the third quarter. Vanguard Group Inc. now owns 4,667,458 shares of the company’s stock worth $41,727,000 after purchasing an additional 460,176 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.