Citigroup Raises Travere Therapeutics (NASDAQ:TVTX) Price Target to $48.00

Travere Therapeutics (NASDAQ:TVTX) had its target price boosted by analysts at Citigroup from $34.00 to $48.00 in a research report issued on Friday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 36.52% from the company’s previous close.

Several other equities research analysts have also recently issued reports on TVTX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Travere Therapeutics in a research report on Wednesday, October 8th. Zacks Research raised shares of Travere Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. Cowen reaffirmed a “buy” rating on shares of Travere Therapeutics in a research report on Friday. Wall Street Zen raised shares of Travere Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, October 4th. Finally, Stifel Nicolaus lifted their price objective on shares of Travere Therapeutics from $20.00 to $25.00 and gave the stock a “hold” rating in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.79.

Travere Therapeutics Stock Performance

Shares of TVTX stock opened at $35.16 on Friday. The company has a quick ratio of 1.98, a current ratio of 2.00 and a debt-to-equity ratio of 9.50. Travere Therapeutics has a 52 week low of $12.91 and a 52 week high of $35.34. The stock has a market capitalization of $3.13 billion, a PE ratio of -17.24 and a beta of 0.83. The firm has a 50 day moving average of $24.50 and a two-hundred day moving average of $19.37.

Travere Therapeutics (NASDAQ:TVTX) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of ($0.31) by $0.59. Travere Therapeutics had a negative net margin of 50.64% and a negative return on equity of 717.68%. The company had revenue of $113.15 million during the quarter, compared to analysts’ expectations of $106.09 million. During the same quarter last year, the company posted ($0.70) EPS. The firm’s revenue was up 162.1% compared to the same quarter last year. On average, research analysts predict that Travere Therapeutics will post -1.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Elizabeth E. Reed sold 10,000 shares of Travere Therapeutics stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $25.00, for a total transaction of $250,000.00. Following the sale, the insider directly owned 89,878 shares in the company, valued at $2,246,950. This trade represents a 10.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eric M. Dube sold 27,128 shares of Travere Therapeutics stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $30.12, for a total transaction of $817,095.36. Following the sale, the chief executive officer owned 419,173 shares in the company, valued at $12,625,490.76. This represents a 6.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 133,235 shares of company stock worth $3,979,015 in the last ninety days. 4.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Travere Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. grew its position in Travere Therapeutics by 479.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 2,184,898 shares of the company’s stock worth $39,153,000 after purchasing an additional 1,808,098 shares during the last quarter. Stephens Investment Management Group LLC acquired a new position in Travere Therapeutics in the third quarter valued at $38,232,000. Armistice Capital LLC increased its stake in Travere Therapeutics by 20.6% in the first quarter. Armistice Capital LLC now owns 8,872,000 shares of the company’s stock valued at $158,986,000 after purchasing an additional 1,514,000 shares during the period. Nuveen LLC acquired a new position in Travere Therapeutics in the first quarter valued at $21,569,000. Finally, Frazier Life Sciences Management L.P. acquired a new position in Travere Therapeutics in the second quarter valued at $14,831,000.

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.