Travere Therapeutics (NASDAQ:TVTX) Given New $23.00 Price Target at JPMorgan Chase & Co.

Travere Therapeutics (NASDAQ:TVTX) had its price target boosted by JPMorgan Chase & Co. from $20.00 to $23.00 in a research note published on Friday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also recently weighed in on TVTX. Wedbush boosted their price target on shares of Travere Therapeutics from $13.00 to $16.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Piper Sandler lifted their price target on shares of Travere Therapeutics from $11.00 to $12.00 and gave the company a neutral rating in a research report on Friday, August 2nd. Guggenheim upgraded Travere Therapeutics from a neutral rating to a buy rating and set a $25.00 price objective for the company in a research report on Monday, September 9th. Citigroup lifted their target price on Travere Therapeutics from $14.00 to $23.00 and gave the company a buy rating in a research report on Friday, September 6th. Finally, Canaccord Genuity Group increased their price target on Travere Therapeutics from $18.00 to $23.00 and gave the stock a buy rating in a report on Tuesday, September 10th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $17.58.

Travere Therapeutics Price Performance

NASDAQ:TVTX opened at $14.27 on Friday. The firm has a market cap of $1.09 billion, a P/E ratio of -6.80 and a beta of 0.71. The stock has a 50 day moving average of $9.79 and a two-hundred day moving average of $8.04. Travere Therapeutics has a 12 month low of $5.12 and a 12 month high of $14.72. The company has a current ratio of 3.04, a quick ratio of 2.99 and a debt-to-equity ratio of 24.96.

Travere Therapeutics (NASDAQ:TVTX) last issued its earnings results on Thursday, August 1st. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.03). The business had revenue of $54.12 million during the quarter, compared to analyst estimates of $49.50 million. Travere Therapeutics had a negative net margin of 82.14% and a negative return on equity of 269.18%. On average, analysts expect that Travere Therapeutics will post -3.96 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jula Inrig sold 2,191 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $11.52, for a total transaction of $25,240.32. Following the completion of the transaction, the insider now directly owns 62,633 shares of the company’s stock, valued at approximately $721,532.16. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Eric M. Dube sold 21,125 shares of Travere Therapeutics stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $11.52, for a total transaction of $243,360.00. Following the sale, the chief executive officer now owns 361,975 shares in the company, valued at $4,169,952. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jula Inrig sold 2,191 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $11.52, for a total value of $25,240.32. Following the completion of the sale, the insider now directly owns 62,633 shares of the company’s stock, valued at $721,532.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,707 shares of company stock worth $352,712. 3.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Travere Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in TVTX. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Travere Therapeutics during the 2nd quarter worth $291,000. Forefront Analytics LLC raised its position in shares of Travere Therapeutics by 10.2% in the second quarter. Forefront Analytics LLC now owns 13,317 shares of the company’s stock valued at $109,000 after buying an additional 1,237 shares during the last quarter. Millennium Management LLC raised its holdings in Travere Therapeutics by 33.9% in the 2nd quarter. Millennium Management LLC now owns 2,949,335 shares of the company’s stock valued at $24,244,000 after acquiring an additional 747,406 shares during the last quarter. AQR Capital Management LLC increased its stake in Travere Therapeutics by 55.7% in the second quarter. AQR Capital Management LLC now owns 74,069 shares of the company’s stock valued at $609,000 after purchasing an additional 26,485 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new position in shares of Travere Therapeutics during the 2nd quarter worth about $175,000.

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.