10 Best Biotech Stocks To Buy Under $20

2. Travere Therapeutics, Inc. (NASDAQ:TVTX)

Number of Hedge Fund Holders: 34

Price: $14.97

Starting out in 2008, the San Diego, California-based firm, Travere Therapeutics, Inc. (NASDAQ:TVTX) is dedicated to improving the lives of patients with rare diseases. It is focused on developing treatments for rare kidney and metabolic diseases. Travere Therapeutics, Inc.’s (NASDAQ:TVTX) lead drug candidate, sparsentan, has received FDA approval for slowing kidney function decline, which is a major achievement for the company.

In the second quarter, Travere Therapeutics, Inc.’s (NASDAQ:TVTX) operational performance remained strong, driven by a significant rise in net product sales and a reduction in operating cash usage. Net product sales for Q2 2024 reached $52.2 million, as opposed to $29.5 million during the same period in 2023. This 77% increase is largely due to the growth in net product sales from the ongoing US launch of FILSPARI and the treatment of IgA nephropathy.

Travere Therapeutics, Inc. (NASDAQ:TVTX)  has also increased R&D investments, which shows a strong commitment to innovation and future profitability. Analysts are bullish on the stock, giving an average ‘Moderate Buy’ rating and a 1-year price target of $17.91. The stock is held by 34 hedge funds tracked by Insider Monkey, as of Q2 2024, making it one of the best biotech stocks to buy now.