Travere Therapeutics (NASDAQ:TVTX) Shares Gap Down After Analyst Downgrade

Posted by Defense World Staff on Sep 23rd, 2023

Travere Therapeutics, Inc. (NASDAQ:TVTX – Get Free Report) gapped down prior to trading on Friday after Evercore ISI lowered their price target on the stock from $30.00 to $14.00. The stock had previously closed at $7.64, but opened at $7.38. Travere Therapeutics shares last traded at $7.66, with a volume of 667,955 shares changing hands.

Several other brokerages also recently issued reports on TVTX. Wells Fargo & Company downgraded shares of Travere Therapeutics from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $24.00 to $8.00 in a report on Friday. Guggenheim reduced their price target on shares of Travere Therapeutics from $25.00 to $18.00 and set a “buy” rating on the stock in a report on Friday. Canaccord Genuity Group reduced their price objective on shares of Travere Therapeutics from $37.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, July 18th. JPMorgan Chase & Co. started coverage on shares of Travere Therapeutics in a research note on Friday, July 21st. They set an “overweight” rating and a $26.00 price objective on the stock. Finally, Piper Sandler reduced their price objective on shares of Travere Therapeutics from $22.00 to $19.00 and set a “neutral” rating on the stock in a research note on Friday, August 18th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Travere Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.77.

Check Out Our Latest Report on Travere Therapeutics

Insider Buying and Selling

In other news, CEO Eric M. Dube sold 4,455 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $14.71, for a total value of $65,533.05. Following the completion of the sale, the chief executive officer now owns 242,595 shares of the company’s stock, valued at $3,568,572.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP William E. Rote sold 1,815 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $14.71, for a total value of $26,698.65. Following the completion of the sale, the senior vice president now owns 61,173 shares of the company’s stock, valued at $899,854.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Dube sold 4,455 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $14.71, for a total transaction of $65,533.05. Following the completion of the sale, the chief executive officer now directly owns 242,595 shares of the company’s stock, valued at approximately $3,568,572.45. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,727 shares of company stock valued at $98,954. Insiders own 3.75% of the company’s stock.

Institutional Investors Weigh In On Travere Therapeutics

Large investors have recently made changes to their positions in the business. US Bancorp DE grew its holdings in Travere Therapeutics by 1,372.3% during the 1st quarter. US Bancorp DE now owns 1,487 shares of the company’s stock valued at $38,000 after purchasing an additional 1,386 shares in the last quarter. Huntington National Bank grew its holdings in Travere Therapeutics by 57.8% during the 2nd quarter. Huntington National Bank now owns 1,943 shares of the company’s stock valued at $30,000 after purchasing an additional 712 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Travere Therapeutics by 551.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,527 shares of the company’s stock valued at $39,000 after purchasing an additional 2,139 shares in the last quarter. Point72 Hong Kong Ltd grew its holdings in Travere Therapeutics by 2,540.3% during the 1st quarter. Point72 Hong Kong Ltd now owns 5,439 shares of the company’s stock valued at $140,000 after purchasing an additional 5,233 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its holdings in Travere Therapeutics by 21.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,016 shares of the company’s stock valued at $92,000 after purchasing an additional 1,074 shares in the last quarter.

Travere Therapeutics Stock Performance

The stock’s fifty day moving average is $14.44 and its two-hundred day moving average is $17.11. The firm has a market capitalization of $588.83 million, a price-to-earnings ratio of -1.74 and a beta of 0.42. The company has a debt-to-equity ratio of 3.23, a quick ratio of 3.86 and a current ratio of 3.99.

Travere Therapeutics (NASDAQ:TVTX – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The company reported ($1.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.03. The business had revenue of $59.70 million during the quarter, compared to analyst estimates of $53.93 million. Travere Therapeutics had a negative net margin of 136.00% and a negative return on equity of 273.80%. Analysts forecast that Travere Therapeutics, Inc. will post -4.59 earnings per share for the current year.

About Travere Therapeutics

(Get Free Report)

Travere Therapeutics, Inc, a biopharmaceutical company, focuses on the identification, development, commercialization, and delivering of therapies for the treatment of rare diseases. Its marketed products include Chenodal, a synthetic oral form of chenodeoxycholic acid for the treatment of radiolucent stones in gallbladders; Cholbam, a cholic acid capsule to treat pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects, as well as for adjunctive treatment of patients with peroxisomal disorders; and Thiola and Thiola EC, a tiopronin tablet for the treatment of homozygous cystinuria.