Bank of America Corp DE Trims Position in Travere Therapeutics, Inc. $TVTX

Key Points

• Bank of America reduced its Travere Therapeutics stake by 27.8% in the first quarter, selling 517,244 shares and retaining 1.35 million shares worth approximately $40.0 million.
• Several major institutional investors, including State Street, Perceptive Advisors, Adage Capital and Renaissance Technologies, increased their positions in Travere Therapeutics.
• Analyst sentiment remains broadly positive, with 10 Buy ratings, two Holds and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $61.67.

Bank of America Corp DE lessened its holdings in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 27.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,345,111 shares of the company's stock after selling 517,244 shares during the period. Bank of America Corp DE owned approximately 1.45% of Travere Therapeutics worth $39,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. State Street Corp boosted its holdings in Travere Therapeutics by 47.8% during the fourth quarter. State Street Corp now owns 4,756,666 shares of the company's stock worth $181,752,000 after buying an additional 1,538,827 shares in the last quarter. Perceptive Advisors LLC boosted its stake in Travere Therapeutics by 12.7% during the 4th 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 last quarter. Adage Capital Partners GP L.L.C. grew its stake in Travere Therapeutics by 27.4% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 2,784,000 shares of the company's stock valued at $41,203,000 after acquiring an additional 599,102 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Travere Therapeutics by 28.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company's stock valued at $85,849,000 after purchasing an additional 494,665 shares in the last quarter. Finally, Rock Springs Capital Management LP grew its holdings in Travere Therapeutics by 2.1% in the 4th quarter. Rock Springs Capital Management LP now owns 2,210,322 shares of the company's stock valued at $84,456,000 after buying an additional 45,549 shares in the last quarter.

Insider Activity

In other news, Director Timothy Coughlin sold 10,000 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.07, for a total transaction of $500,700.00. Following the sale, the director owned 56,250 shares of the company's stock, valued at approximately $2,816,437.50. This trade represents a 15.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $50.00, for a total value of $225,000.00. Following the sale, the director owned 41,500 shares of the company's stock, valued at approximately $2,075,000. The trade was a 9.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.44% of the stock is currently owned by company insiders.

Travere Therapeutics Stock Performance

NASDAQ:TVTX opened at $61.43 on Friday. Travere Therapeutics, Inc. has a 12 month low of $17.05 and a 12 month high of $66.24. The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The firm has a market capitalization of $5.79 billion, a PE ratio of -133.54 and a beta of 1.12. The business's fifty day moving average price is $56.19 and its 200 day moving average price is $42.28.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TVTX. HC Wainwright raised their price target on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Citigroup raised their price objective on shares of Travere Therapeutics from $70.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Canaccord Genuity Group lifted their price objective on Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings downgraded Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 23rd. Finally, Wall Street Zen lowered shares of Travere Therapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Travere Therapeutics has an average rating of "Moderate Buy" and an average target price of $61.67.

Travere Therapeutics 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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