45,633 Shares in Travere Therapeutics, Inc. $TVTX Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company bought 45,633 Travere Therapeutics shares worth approximately $2.6 million in the second quarter, joining several other institutional investors that increased or initiated positions.
• Travere reported better-than-expected quarterly results, with an adjusted loss of $0.10 per share versus the $0.13 consensus estimate and revenue of $169.6 million, up 48.2% year over year.
• TVTX traded near its 12-month high at $67.23, while analysts maintained a generally positive outlook: 10 of 13 analysts rated it a Buy, with an average target price of $61.67.

The Manufacturers Life Insurance Company purchased a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 45,633 shares of the company's stock, valued at approximately $2,592,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of TVTX. State Street Corp grew its position in shares of Travere Therapeutics by 47.8% in the 4th quarter. State Street Corp now owns 4,756,666 shares of the company's stock worth $181,752,000 after buying an additional 1,538,827 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Travere Therapeutics by 3,331.9% during the third quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company's stock valued at $28,715,000 after buying an additional 1,166,460 shares during the period. Fiera Capital Corp bought a new position in shares of Travere Therapeutics during the fourth quarter valued at approximately $33,398,000. Perceptive Advisors LLC bought a new position in shares of Travere Therapeutics during the second quarter valued at approximately $12,347,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Travere Therapeutics in the second quarter worth $10,348,000.

Travere Therapeutics Price Performance

TVTX opened at $67.23 on Thursday. The stock has a fifty day simple moving average of $59.95 and a two-hundred day simple moving average of $45.71. 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 company has a market cap of $6.34 billion, a price-to-earnings ratio of -146.15 and a beta of 1.05. Travere Therapeutics, Inc. has a 12-month low of $18.13 and a 12-month high of $67.85.

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

Insider Transactions at Travere Therapeutics

In related news, Director Timothy Coughlin sold 10,000 shares of Travere Therapeutics stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $50.07, for a total transaction of $500,700.00. Following the completion of the transaction, the director directly owned 56,250 shares of the company's stock, valued at $2,816,437.50. This trade represents a 15.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 4,500 shares of the business'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 sale, the director directly owned 41,500 shares in the company, valued at $2,075,000. The trade was a 9.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 4.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Weiss Ratings downgraded shares of Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 23rd. Canaccord Genuity Group raised their target price on shares of Travere Therapeutics from $62.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Evercore set a $78.00 target price on shares of Travere Therapeutics in a research note on Monday, August 10th. Piper Sandler reissued an "overweight" rating on shares of Travere Therapeutics in a research note on Monday, August 17th. Finally, Wedbush increased their price target on shares of Travere Therapeutics from $61.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Travere Therapeutics has an average rating of "Moderate Buy" and an average target price of $61.67.

About Travere Therapeutics

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.

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