Allianz Asset Management GmbH Takes $2.44 Million Position in Travere Therapeutics, Inc. $TVTX

Key Points

• Allianz Asset Management acquired 42,966 shares of Travere Therapeutics in the second quarter, worth approximately $2.44 million. Other institutional investors, including California State Teachers Retirement System, also increased their positions.
• Travere reported quarterly revenue of $169.58 million, up 48.2% year over year, and an adjusted loss of $0.10 per share that beat analyst expectations. Analysts expect a full-year loss of $0.56 per share.
• Travere shares opened at $66.07, near their 52-week high, while several analysts raised price targets to as high as $75. The stock carries a “Moderate Buy” consensus rating, although two company directors recently sold shares under pre-arranged trading plans.

Allianz Asset Management GmbH bought a new stake in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 42,966 shares of the company's stock, valued at approximately $2,441,000.

Several other large investors also recently bought and sold shares of the business. Corient Private Wealth LP lifted its holdings in shares of Travere Therapeutics by 1.4% in the 2nd quarter. Corient Private Wealth LP now owns 48,125 shares of the company's stock valued at $2,734,000 after acquiring an additional 648 shares during the last quarter. Amundi bought a new stake in Travere Therapeutics during the second quarter worth approximately $340,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Travere Therapeutics during the second quarter worth approximately $1,534,000. California State Teachers Retirement System raised its position in Travere Therapeutics by 5,062.4% during the second quarter. California State Teachers Retirement System now owns 5,427,287 shares of the company's stock valued at $308,324,000 after purchasing an additional 5,322,155 shares during the period. Finally, denkapparat Operations GmbH purchased a new stake in Travere Therapeutics during the second quarter valued at approximately $377,000.

Insider Transactions at Travere Therapeutics

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

Travere Therapeutics Trading Up 1.2%

NASDAQ:TVTX opened at $66.07 on Wednesday. The firm has a 50-day simple moving average of $60.55 and a 200-day simple moving average of $46.77. Travere Therapeutics, Inc. has a one year low of $20.84 and a one year high of $68.03. The firm has a market cap of $6.23 billion, a P/E ratio of -143.63 and a beta of 1.05. The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05.

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

Analyst Ratings Changes

Several brokerages have recently weighed in on TVTX. Piper Sandler reiterated an "overweight" rating on shares of Travere Therapeutics in a report on Monday, August 17th. Wedbush increased their target price on Travere Therapeutics from $61.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. TD Cowen boosted 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. Canaccord Genuity Group raised their price target on shares of Travere Therapeutics from $62.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Finally, Guggenheim lifted their price objective on shares of Travere Therapeutics from $65.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $61.67.

Travere Therapeutics Company 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.

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