Travere Therapeutics, Inc. $TVTX Shares Acquired by Adage Capital Partners GP L.L.C.

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. boosted its stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 479.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,184,898 shares of the company's stock after buying an additional 1,808,098 shares during the period. Adage Capital Partners GP L.L.C. owned 2.46% of Travere Therapeutics worth $39,153,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TVTX. GF Fund Management CO. LTD. acquired a new position in Travere Therapeutics during the fourth quarter worth $31,000. Caitong International Asset Management Co. Ltd acquired a new position in Travere Therapeutics during the first quarter worth $62,000. Gen Wealth Partners Inc acquired a new position in Travere Therapeutics during the fourth quarter worth $73,000. KBC Group NV purchased a new stake in Travere Therapeutics in the first quarter valued at $75,000. Finally, Twinbeech Capital LP acquired a new position in shares of Travere Therapeutics in the 4th quarter valued at $177,000.

Travere Therapeutics Trading Up 2.3%

NASDAQ:TVTX traded up $0.49 on Friday, reaching $21.64. 3,912,872 shares of the company's stock were exchanged, compared to its average volume of 1,761,887. The company has a quick ratio of 1.98, a current ratio of 2.00 and a debt-to-equity ratio of 9.50. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -10.61 and a beta of 0.79. The business has a fifty day moving average of $16.83 and a 200-day moving average of $17.31. Travere Therapeutics, Inc. has a 52-week low of $10.64 and a 52-week high of $25.29.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Citigroup reiterated a "buy" rating on shares of Travere Therapeutics in a report on Sunday, August 10th. Scotiabank restated an "outperform" rating on shares of Travere Therapeutics in a report on Thursday, August 7th. Wedbush boosted 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. Wall Street Zen upgraded shares of Travere Therapeutics from a "hold" rating to a "buy" rating in a report on Monday, September 1st. Finally, HC Wainwright restated a "buy" rating and issued a $47.00 price objective on shares of Travere Therapeutics in a report on Wednesday. Thirteen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.