Travere Therapeutics (NASDAQ:TVTX) Stock Price Down 5.4% – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX) shares dropped 5.4% on Friday . The company traded as low as $27.97 and last traded at $27.7250. Approximately 190,670 shares changed hands during trading, a decline of 92% from the average daily volume of 2,425,504 shares. The stock had previously closed at $29.30.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TVTX shares. Piper Sandler lifted their target price on shares of Travere Therapeutics from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, February 6th. Citigroup upped their price target on Travere Therapeutics from $34.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. TD Cowen reaffirmed a “buy” rating on shares of Travere Therapeutics in a research note on Friday, October 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Travere Therapeutics in a report on Wednesday, January 21st. Finally, Guggenheim restated a “buy” rating and set a $49.00 target price on shares of Travere Therapeutics in a report on Wednesday, January 14th. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.62.

Travere Therapeutics Price Performance

The company has a debt-to-equity ratio of 4.23, a current ratio of 2.75 and a quick ratio of 2.71. The company’s 50 day simple moving average is $32.68 and its 200 day simple moving average is $28.93. The company has a market capitalization of $2.72 billion, a PE ratio of -101.30, a price-to-earnings-growth ratio of 0.84 and a beta of 0.83.

Insider Activity

In other news, CEO Eric M. Dube sold 100,087 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $32.28, for a total value of $3,230,808.36. Following the completion of the sale, the chief executive officer directly owned 432,886 shares of the company’s stock, valued at approximately $13,973,560.08. The trade was a 18.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Peter Heerma sold 7,310 shares of Travere Therapeutics stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $32.12, for a total value of $234,797.20. Following the transaction, the insider directly owned 131,823 shares in the company, valued at approximately $4,234,154.76. This trade represents a 5.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 331,925 shares of company stock worth $11,318,755 over the last three months. Company insiders own 4.19% of the company’s stock.

Hedge Funds Weigh In On Travere Therapeutics

Hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. acquired a new position in Travere Therapeutics in the 2nd quarter valued at about $33,000. First Horizon Corp acquired a new stake in shares of Travere Therapeutics in the third quarter valued at about $36,000. State of Wyoming purchased a new stake in Travere Therapeutics during the fourth quarter worth about $37,000. Torren Management LLC acquired a new position in Travere Therapeutics during the fourth quarter worth about $38,000. Finally, Comerica Bank increased its holdings in Travere Therapeutics by 77.5% in the fourth quarter. Comerica Bank now owns 1,127 shares of the company’s stock valued at $43,000 after buying an additional 492 shares in the last quarter.

About Travere Therapeutics

Travere Therapeutics, Inc (NASDAQ: TVTX) is a biopharmaceutical company headquartered in San Diego, California, dedicated to the development and commercialization of therapies for rare kidney and genetic disorders. The company’s mission is to address unmet needs in conditions with limited treatment options by focusing on diseases that affect small patient populations. Travere combines research, development and commercial capabilities to bring innovative medicines to market.

The company’s lead product is sparsentan, a dual endothelin angiotensin receptor antagonist that has received accelerated approval from the U.S.