Legato Capital Management LLC Invests $587,000 in Travere Therapeutics, Inc. (NASDAQ:TVTX)

Key Points

• Legato Capital Management LLC acquired a new stake in Travere Therapeutics, purchasing 32,731 shares valued at approximately $587,000 during the first quarter.
• Analysts have a consensus rating of "Moderate Buy" for Travere Therapeutics with price targets ranging from $30.00 to $47.00.
• Travere Therapeutics reported positive earnings results, with a quarterly revenue of $81.73 million, surpassing expectations and showing an 83.3% year-over-year increase.

Legato Capital Management LLC purchased a new stake in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 32,731 shares of the company's stock, valued at approximately $587,000.

Several other large investors have also modified their holdings of the business. Swiss National Bank grew its holdings in Travere Therapeutics by 12.8% during the 4th quarter. Swiss National Bank now owns 151,900 shares of the company's stock valued at $2,646,000 after buying an additional 17,200 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Travere Therapeutics by 33.3% during the fourth quarter. Teacher Retirement System of Texas now owns 22,935 shares of the company's stock valued at $400,000 after acquiring an additional 5,730 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Travere Therapeutics during the fourth quarter valued at $261,000. Prudential Financial Inc. boosted its stake in shares of Travere Therapeutics by 60.5% during the fourth quarter. Prudential Financial Inc. now owns 969,141 shares of the company's stock valued at $16,882,000 after acquiring an additional 365,200 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Travere Therapeutics during the fourth quarter valued at $1,237,000.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Travere Therapeutics in a research note on Friday, April 11th. Wedbush restated an "outperform" rating and set a $30.00 target price on shares of Travere Therapeutics in a research report on Friday, May 16th. Stifel Nicolaus raised their target price on shares of Travere Therapeutics from $22.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Bank of America raised their target price on shares of Travere Therapeutics from $29.00 to $31.00 and gave the stock a "buy" rating in a research report on Tuesday, April 1st. Finally, Citigroup decreased their price objective on Travere Therapeutics from $35.00 to $32.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $32.14.

Travere Therapeutics Trading Up 1.1%

Shares of NASDAQ TVTX traded up $0.17 during midday trading on Tuesday, hitting $15.57. The stock had a trading volume of 216,151 shares, compared to its average volume of 1,644,549. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of -5.54 and a beta of 0.72. Travere Therapeutics, Inc. has a 1-year low of $7.93 and a 1-year high of $25.29. The company has a quick ratio of 2.03, a current ratio of 2.05 and a debt-to-equity ratio of 9.46. The company has a fifty day moving average price of $15.39 and a 200 day moving average price of $17.92.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.47) earnings per share for the quarter, beating analysts' consensus estimates of ($0.55) by $0.08. The firm had revenue of $81.73 million for the quarter, compared to analysts' expectations of $77.44 million. Travere Therapeutics had a negative net margin of 82.88% and a negative return on equity of 1,179.73%. Travere Therapeutics's revenue was up 83.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.76) earnings per share. On average, analysts predict that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current year.

Insider Activity at Travere Therapeutics

In related news, CFO Christopher R. Cline sold 1,784 shares of Travere Therapeutics stock in a transaction on Monday, May 5th. The shares were sold at an average price of $21.05, for a total transaction of $37,553.20. Following the transaction, the chief financial officer owned 93,126 shares in the company, valued at approximately $1,960,302.30. The trade was a 1.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Peter Heerma sold 1,771 shares of the business's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $21.05, for a total value of $37,279.55. Following the transaction, the insider owned 128,215 shares in the company, valued at approximately $2,698,925.75. This represents a 1.36% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,294 shares of company stock worth $485,123. 4.19% of the stock is currently owned by corporate insiders.

Travere Therapeutics Company Profile

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.