Adage Capital Partners GP L.L.C. Grows Position in Travere Therapeutics, Inc. $TVTX

Key Points

• Adage Capital Partners significantly increased its stake in Travere Therapeutics by acquiring over 1.8 million shares, raising its ownership to about 2.46% of the company, valued at $39.15 million.
• Travere Therapeutics reported a quarterly revenue increase of 111.5% year-over-year, totaling $94.84 million, and narrowly exceeded analysts' earnings per share expectations.
• Wall Street analysts maintain a "Moderate Buy" consensus on Travere Therapeutics, with many raising target prices, reflecting optimism for the company's future growth.

Adage Capital Partners GP L.L.C. lifted its position in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 479.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,184,898 shares of the company's stock after acquiring an additional 1,808,098 shares during the quarter. Adage Capital Partners GP L.L.C. owned 2.46% of Travere Therapeutics worth $39,153,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Armistice Capital LLC raised its holdings in Travere Therapeutics by 20.6% in the first quarter. Armistice Capital LLC now owns 8,872,000 shares of the company's stock worth $158,986,000 after purchasing an additional 1,514,000 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Travere Therapeutics by 24.8% in the first quarter. Driehaus Capital Management LLC now owns 2,767,693 shares of the company's stock worth $49,597,000 after purchasing an additional 549,718 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Travere Therapeutics by 36.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,174,213 shares of the company's stock worth $37,875,000 after purchasing an additional 583,836 shares in the last quarter. BNP Paribas Financial Markets bought a new position in Travere Therapeutics in the fourth quarter worth about $21,075,000. Finally, Nuveen LLC bought a new position in Travere Therapeutics in the first quarter worth about $21,569,000.

Travere Therapeutics Stock Performance

NASDAQ TVTX traded up $0.02 during trading hours on Tuesday, reaching $21.22. The stock had a trading volume of 567,512 shares, compared to its average volume of 1,681,224. The company has a debt-to-equity ratio of 9.50, a quick ratio of 1.98 and a current ratio of 2.00. Travere Therapeutics, Inc. has a 52-week low of $11.89 and a 52-week high of $25.29. The stock has a fifty day moving average of $16.96 and a 200 day moving average of $17.26. The stock has a market cap of $1.89 billion, a P/E ratio of -10.35 and a beta of 0.78.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.14. Travere Therapeutics had a negative return on equity of 717.68% and a negative net margin of 50.64%.The business had revenue of $94.84 million for the quarter, compared to analyst estimates of $100.18 million. During the same quarter in the prior year, the firm posted ($0.65) EPS. The business's quarterly revenue was up 111.5% compared to the same quarter last year. Sell-side analysts predict that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on TVTX. Wall Street Zen upgraded shares of Travere Therapeutics from a "hold" rating to a "buy" rating in a report on Monday, September 1st. Scotiabank restated an "outperform" rating on shares of Travere Therapeutics in a report on Thursday, August 7th. Citigroup restated a "buy" rating on shares of Travere Therapeutics in a report on Sunday, August 10th. Wedbush upped their price objective on shares of Travere Therapeutics from $30.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, HC Wainwright restated a "buy" rating and set a $47.00 price objective on shares of Travere Therapeutics in a report on Wednesday, September 3rd. Thirteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $33.43.

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.