Armistice Capital LLC Increases Stock Holdings in Travere Therapeutics, Inc. $TVTX

Key Points

• Armistice Capital LLC increased its holdings in Travere Therapeutics by 20.6% in the first quarter, making it the fund's 3rd biggest position with a total of 8,872,000 shares.
• Travere Therapeutics reported a quarterly revenue increase of 111.5% year-over-year, with earnings per share beating estimates at ($0.14).
• Analysts have varying outlooks on the stock, with a consensus price target of $33.43 and an overall rating of "Moderate Buy".

Armistice Capital LLC raised its position in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 20.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,872,000 shares of the company's stock after purchasing an additional 1,514,000 shares during the quarter. Travere Therapeutics comprises 2.4% of Armistice Capital LLC's portfolio, making the stock its 3rd largest holding. Armistice Capital LLC owned about 9.99% of Travere Therapeutics worth $158,986,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TVTX. Driehaus Capital Management LLC boosted its stake in Travere Therapeutics by 608.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,217,975 shares of the company's stock valued at $38,637,000 after purchasing an additional 1,904,733 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Travere Therapeutics during the 4th quarter valued at $21,075,000. Nuveen LLC purchased a new stake in shares of Travere Therapeutics during the 1st quarter worth about $21,569,000. Jacobs Levy Equity Management Inc. raised its position in Travere Therapeutics by 36.7% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,174,213 shares of the company's stock valued at $37,875,000 after acquiring an additional 583,836 shares in the last quarter. Finally, Candriam S.C.A. acquired a new stake in shares of Travere Therapeutics in the 1st quarter valued at $9,571,000.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Wedbush boosted their target price on Travere Therapeutics from $30.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. HC Wainwright reaffirmed a "buy" rating and issued a $47.00 price target on shares of Travere Therapeutics in a report on Wednesday. Wall Street Zen raised Travere Therapeutics from a "hold" rating to a "buy" rating in a report on Monday. Citigroup reissued a "buy" rating on shares of Travere Therapeutics in a report on Sunday, August 10th. Finally, Scotiabank restated an "outperform" rating on shares of Travere Therapeutics in a research report on Thursday, August 7th. Thirteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $33.43.

Travere Therapeutics Stock Up 8.0%

Travere Therapeutics stock traded up $1.46 during mid-day trading on Wednesday, hitting $19.61. 2,585,335 shares of the company's stock were exchanged, compared to its average volume of 1,704,856. The company's 50 day simple moving average is $16.48 and its 200-day simple moving average is $17.35. 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 fifty-two week low of $9.34 and a fifty-two 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 for the quarter, topping the consensus estimate of ($0.28) by $0.14. The company had revenue of $94.84 million during the quarter, compared to analysts' expectations 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 quarterly revenue was up 111.5% on a year-over-year basis. During the same period last year, the business earned ($0.65) EPS. As a group, analysts predict that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current fiscal year.

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.