Travere Therapeutics (NASDAQ:TVTX) Shares Gap Up to $8.90

Travere Therapeutics, Inc. (NASDAQ:TVTX) shares gapped up prior to trading on Wednesday . The stock had previously closed at $8.90, but opened at $9.14. Travere Therapeutics shares last traded at $9.08, with a volume of 23,302 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on TVTX shares. Piper Sandler lifted their target price on shares of Travere Therapeutics from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. HC Wainwright boosted their price objective on shares of Travere Therapeutics from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Barclays boosted their price objective on shares of Travere Therapeutics from $12.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Canaccord Genuity Group boosted their price objective on shares of Travere Therapeutics from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, Wedbush boosted their price objective on shares of Travere Therapeutics from $13.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $15.67.

Travere Therapeutics Stock Performance

The stock has a market capitalization of $683.82 million, a price-to-earnings ratio of -4.24 and a beta of 0.77. The company has a quick ratio of 2.99, a current ratio of 3.04 and a debt-to-equity ratio of 24.96. The stock’s 50-day simple moving average is $8.72 and its 200 day simple moving average is $7.73.

Hedge Funds Weigh In On Travere Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Forefront Analytics LLC lifted its position in shares of Travere Therapeutics by 10.2% during the second quarter. Forefront Analytics LLC now owns 13,317 shares of the company’s stock worth $109,000 after purchasing an additional 1,237 shares in the last quarter. Millennium Management LLC lifted its position in shares of Travere Therapeutics by 33.9% during the second quarter. Millennium Management LLC now owns 2,949,335 shares of the company’s stock worth $24,244,000 after purchasing an additional 747,406 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Travere Therapeutics by 55.7% during the second quarter. AQR Capital Management LLC now owns 74,069 shares of the company’s stock worth $609,000 after purchasing an additional 26,485 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Travere Therapeutics during the second quarter worth approximately $291,000. Finally, Point72 DIFC Ltd acquired a new position in shares of Travere Therapeutics during the second quarter worth approximately $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.