Travere Therapeutics (NASDAQ:TVTX) Shares Gap Down After Earnings Miss

Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $23.58, but opened at $21.50. Travere Therapeutics shares last traded at $22.13, with a volume of 807,056 shares.

The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.15). The business had revenue of $74.79 million during the quarter, compared to analysts’ expectations of $72.38 million. Travere Therapeutics had a negative net margin of 172.75% and a negative return on equity of 537.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TVTX shares. Piper Sandler boosted their price objective on Travere Therapeutics from $12.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Cantor Fitzgerald assumed coverage on Travere Therapeutics in a report on Friday, January 10th. They issued an “overweight” rating for the company. HC Wainwright raised their price target on Travere Therapeutics from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Canaccord Genuity Group increased their target price on shares of Travere Therapeutics from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, Scotiabank raised their target price on shares of Travere Therapeutics from $27.00 to $32.00 and gave the stock a “sector outperform” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Travere Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $27.77.

Insiders Place Their Bets

In other Travere Therapeutics news, CAO Sandra Calvin sold 12,090 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $18.30, for a total value of $221,247.00. Following the completion of the sale, the chief accounting officer now directly owns 54,927 shares in the company, valued at approximately $1,005,164.10. This trade represents a 18.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP William E. Rote sold 5,200 shares of the business’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $23.53, for a total value of $122,356.00. Following the sale, the senior vice president now owns 98,519 shares in the company, valued at $2,318,152.07. The trade was a 5.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 218,425 shares of company stock valued at $4,674,259. 3.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Travere Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of TVTX. Rock Springs Capital Management LP increased its stake in Travere Therapeutics by 6.2% during the 4th quarter. Rock Springs Capital Management LP now owns 4,973,649 shares of the company’s stock valued at $86,641,000 after purchasing an additional 289,173 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Travere Therapeutics by 28.5% in the 4th quarter. Renaissance Technologies LLC now owns 2,409,514 shares of the company’s stock valued at $41,974,000 after acquiring an additional 534,500 shares during the period. Driehaus Capital Management LLC raised its stake in Travere Therapeutics by 608.1% in the 4th quarter. Driehaus Capital Management LLC now owns 2,217,975 shares of the company’s stock worth $38,637,000 after acquiring an additional 1,904,733 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Travere Therapeutics by 36.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,174,213 shares of the company’s stock worth $37,875,000 after acquiring an additional 583,836 shares during the period. Finally, Emerald Advisers LLC grew its stake in Travere Therapeutics by 8.4% during the 4th quarter. Emerald Advisers LLC now owns 2,125,744 shares of the company’s stock valued at $37,030,000 after purchasing an additional 165,085 shares during the last quarter.

Travere Therapeutics Stock Down 5.8 %

The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -4.95 and a beta of 0.72. The company has a debt-to-equity ratio of 24.96, a current ratio of 1.71 and a quick ratio of 1.68. The business has a fifty day moving average price of $19.58 and a two-hundred day moving average price of $16.48.

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.