11,324,191 Shares in Travere Therapeutics, Inc. $TVTX Acquired by Jupiter Topco LLC

Key Points

• Jupiter Topco LLC acquired 11.3 million Travere Therapeutics shares worth approximately $643.3 million, giving it a 12.01% stake in the company.
• Travere reported better-than-expected quarterly results, with an adjusted loss of $0.10 per share versus estimates of $0.13 and revenue of $169.6 million, up 48.2% year over year.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $61.67, although the stock was trading near $67.01.

Jupiter Topco LLC bought a new stake in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,324,191 shares of the company's stock, valued at approximately $643,299,000. Jupiter Topco LLC owned 12.01% of Travere Therapeutics at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. S&CO Inc. bought a new position in shares of Travere Therapeutics during the 2nd quarter worth approximately $3,181,000. Stephens Investment Management Group LLC raised its stake in Travere Therapeutics by 7.6% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,721,623 shares of the company's stock worth $65,783,000 after acquiring an additional 121,955 shares in the last quarter. Profund Advisors LLC raised its stake in Travere Therapeutics by 209.3% during the fourth quarter. Profund Advisors LLC now owns 62,604 shares of the company's stock worth $2,392,000 after acquiring an additional 42,366 shares in the last quarter. State of New Jersey Common Pension Fund D bought a new position in shares of Travere Therapeutics during the fourth quarter valued at $1,104,000. Finally, Quantinno Capital Management LP grew its holdings in shares of Travere Therapeutics by 354.4% in the 1st quarter. Quantinno Capital Management LP now owns 68,317 shares of the company's stock worth $2,030,000 after purchasing an additional 53,283 shares during the last quarter.

Travere Therapeutics Stock Up 2.7%

Shares of NASDAQ TVTX opened at $67.01 on Wednesday. Travere Therapeutics, Inc. has a 1 year low of $17.05 and a 1 year high of $67.34. The firm's 50-day moving average is $58.62 and its 200-day moving average is $44.16. The company has a current ratio of 4.05, a quick ratio of 3.99 and a debt-to-equity ratio of 24.58. The firm has a market capitalization of $6.32 billion, a PE ratio of -145.67 and a beta of 1.12.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.03. The business had revenue of $169.58 million during the quarter, compared to the consensus estimate of $157.27 million. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. Travere Therapeutics's revenue for the quarter was up 48.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 earnings per share. Equities analysts expect that Travere Therapeutics, Inc. will post -0.56 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. TD Cowen lifted their target price on shares of Travere Therapeutics from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Weiss Ratings lowered Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 23rd. HC Wainwright raised their target price on Travere Therapeutics from $57.00 to $67.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Evercore set a $78.00 price target on shares of Travere Therapeutics in a research report on Monday, August 10th. Finally, Citigroup increased their price objective on shares of Travere Therapeutics from $70.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $61.67.

Insider Transactions at Travere Therapeutics

In other Travere Therapeutics news, Director Roy D. Baynes sold 4,500 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.00, for a total transaction of $225,000.00. Following the transaction, the director owned 41,500 shares in the company, valued at approximately $2,075,000. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.07, for a total value of $500,700.00. Following the transaction, the director owned 56,250 shares of the company's stock, valued at $2,816,437.50. The trade was a 15.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 4.44% of the company's stock.

Travere Therapeutics Profile

Travere Therapeutics, Inc NASDAQ: TVTX is a biopharmaceutical company headquartered in San Diego, California, dedicated to the development and commercialization of therapies for rare kidney and genetic disorders. The company's mission is to address unmet needs in conditions with limited treatment options by focusing on diseases that affect small patient populations. Travere combines research, development and commercial capabilities to bring innovative medicines to market.

The company's lead product is sparsentan, a dual endothelin angiotensin receptor antagonist that has received accelerated approval from the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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