Bank of America Corp DE Invests $259.53 Million in Travere Therapeutics, Inc. $TVTX

Key Points

• Bank of America acquired a new 4.85% stake in Travere Therapeutics, purchasing 4.57 million shares valued at approximately $259.5 million in the second quarter.
• Analyst sentiment is broadly positive: ten analysts rate the stock Buy, one rates it Hold, and one rates it Sell. The consensus rating is “Moderate Buy,” with an average price target of $68.
• Travere reported stronger-than-expected quarterly results, with revenue rising 48.2% year over year to $169.6 million and adjusted losses of $0.10 per share versus the $0.13 expected.

Bank of America Corp DE acquired a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 4,568,341 shares of the company's stock, valued at approximately $259,527,000. Bank of America Corp DE owned 4.85% of Travere Therapeutics at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Jupiter Topco LLC bought a new position in shares of Travere Therapeutics in the second quarter worth about $643,299,000. Perceptive Advisors LLC boosted its position in shares of Travere Therapeutics by 12.7% in the fourth quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company's stock worth $163,469,000 after purchasing an additional 483,565 shares during the period. Geode Capital Management LLC increased its stake in shares of Travere Therapeutics by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 2,143,495 shares of the company's stock worth $81,915,000 after purchasing an additional 5,465 shares in the last quarter. Stephens Investment Management Group LLC increased its stake in shares of Travere Therapeutics by 4.5% in the first quarter. Stephens Investment Management Group LLC now owns 1,798,466 shares of the company's stock worth $53,432,000 after purchasing an additional 76,843 shares in the last quarter. Finally, Fiera Capital Corp bought a new stake in shares of Travere Therapeutics during the 4th quarter valued at $33,398,000.

Insider Buying and Selling at Travere Therapeutics

In related news, Director Jeffrey Meckler sold 20,000 shares of the business's stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $67.31, for a total value of $1,346,200.00. Following the sale, the director owned 91,500 shares in the company, valued at approximately $6,158,865. The trade was a 17.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 4.44% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on TVTX. HC Wainwright lifted their target price on shares of Travere Therapeutics from $57.00 to $67.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Piper Sandler reissued an "overweight" rating on shares of Travere Therapeutics in a report on Monday, August 17th. Wedbush boosted their price objective on Travere Therapeutics from $61.00 to $75.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Canaccord Genuity Group boosted their price objective on Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company upped their price objective on Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $68.00.

Travere Therapeutics Trading Up 1.6%

Shares of TVTX stock opened at $63.48 on Thursday. 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 stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of -138.00 and a beta of 1.05. Travere Therapeutics, Inc. has a 12-month low of $22.06 and a 12-month high of $68.73. The stock's 50-day moving average price is $61.51 and its 200-day moving average price is $48.26.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly 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 company had revenue of $169.58 million during the quarter, compared to analyst estimates of $157.27 million. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The firm's revenue was up 48.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.13 earnings per share. Equities research analysts predict that Travere Therapeutics, Inc. will post -0.54 EPS for the current fiscal year.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare kidney and immune-mediated diseases. The company's work is centered on conditions with significant unmet medical needs, including diseases that can lead to progressive kidney damage and kidney failure.

Travere's principal commercial product is FILSPARI (sparsentan), an oral therapy for adults with primary immunoglobulin A nephropathy, or IgA nephropathy, who are at risk of disease progression.

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