Travere Therapeutics (NASDAQ:TVTX) Trading Down 4.2% – Here’s What Happened

Travere Therapeutics, Inc. (NASDAQ:TVTX)’s share price dropped 4.2% during mid-day trading on Tuesday . The company traded as low as $17.81 and last traded at $17.81. Approximately 88,018 shares changed hands during trading, a decline of 92% from the average daily volume of 1,071,796 shares. The stock had previously closed at $18.59.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TVTX shares. Leerink Partners restated an “outperform” rating and issued a $20.00 price objective on shares of Travere Therapeutics in a research report on Tuesday, October 8th. Wedbush lifted their price target on Travere Therapeutics from $17.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Citigroup reduced their target price on Travere Therapeutics from $23.00 to $19.00 and set a “buy” rating for the company in a report on Friday, September 27th. Wells Fargo & Company raised shares of Travere Therapeutics from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $9.00 to $27.00 in a research note on Monday, October 21st. Finally, Barclays raised their price objective on shares of Travere Therapeutics from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.67.

Travere Therapeutics Stock Performance

The firm’s 50-day moving average price is $18.22 and its two-hundred day moving average price is $14.28. The company has a quick ratio of 1.68, a current ratio of 1.71 and a debt-to-equity ratio of 24.96. The firm has a market capitalization of $1.36 billion, a PE ratio of -3.82 and a beta of 0.70.

Travere Therapeutics (NASDAQ:TVTX) last announced its earnings results on Thursday, October 31st. The company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.71) by $0.01. Travere Therapeutics had a negative net margin of 172.75% and a negative return on equity of 537.74%. The company had revenue of $62.90 million for the quarter, compared to the consensus estimate of $60.87 million. During the same period in the previous year, the business earned ($1.17) EPS. The company’s revenue was up 69.6% on a year-over-year basis. As a group, research analysts predict that Travere Therapeutics, Inc. will post -3.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Travere Therapeutics

In related news, insider Jula Inrig sold 2,066 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $19.10, for a total value of $39,460.60. Following the transaction, the insider now owns 59,883 shares in the company, valued at approximately $1,143,765.30. This represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Sandra Calvin sold 15,000 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $17.22, for a total transaction of $258,300.00. Following the transaction, the chief accounting officer now directly owns 54,927 shares in the company, valued at $945,842.94. The trade was a 21.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,596 shares of company stock valued at $527,262 in the last 90 days. 3.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Travere Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Aigen Investment Management LP acquired a new stake in shares of Travere Therapeutics during the 3rd quarter worth about $170,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Travere Therapeutics during the third quarter worth approximately $673,000. Acadian Asset Management LLC raised its stake in shares of Travere Therapeutics by 202.6% in the second quarter. Acadian Asset Management LLC now owns 144,901 shares of the company’s stock valued at $1,190,000 after acquiring an additional 97,020 shares during the last quarter. Millennium Management LLC grew its position in Travere Therapeutics by 33.9% during the 2nd quarter. Millennium Management LLC now owns 2,949,335 shares of the company’s stock worth $24,244,000 after acquiring an additional 747,406 shares during the last quarter. Finally, FMR LLC grew its position in Travere Therapeutics by 27.5% during the 3rd quarter. FMR LLC now owns 147,416 shares of the company’s stock worth $2,062,000 after acquiring an additional 31,772 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.