Travere Therapeutics, Inc. (NASDAQ:TVTX) Position Boosted by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp increased its stake in Travere Therapeutics by 7.9%, now owning 233,942 shares valued at approximately $4.19 million.
• Insider trading reports show that CEO Eric M. Dube sold 18,924 shares, decreasing his ownership by 4.32%, while CFO Christopher R. Cline sold 1,784 shares, indicating **insider activity** within the company.
• Analysts maintain a consensus rating of "Moderate Buy" for Travere Therapeutics, with a price target range averaging about $32.14, despite the company's recent challenges and a drop in stock price.

Bank of New York Mellon Corp grew its stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 7.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 233,942 shares of the company's stock after buying an additional 17,079 shares during the period. Bank of New York Mellon Corp owned 0.26% of Travere Therapeutics worth $4,192,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Travere Therapeutics in the first quarter valued at $182,000. Northern Trust Corp lifted its stake in shares of Travere Therapeutics by 11.3% during the fourth quarter. Northern Trust Corp now owns 754,395 shares of the company's stock worth $13,142,000 after purchasing an additional 76,358 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Travere Therapeutics during the fourth quarter worth about $583,000. Swiss National Bank lifted its stake in shares of Travere Therapeutics by 12.8% during the fourth quarter. Swiss National Bank now owns 151,900 shares of the company's stock worth $2,646,000 after purchasing an additional 17,200 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Travere Therapeutics by 5,072.9% during the first quarter. GAMMA Investing LLC now owns 10,501 shares of the company's stock worth $188,000 after purchasing an additional 10,298 shares in the last quarter.

Insider Activity at Travere Therapeutics

In other news, CEO Eric M. Dube sold 18,924 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $21.05, for a total transaction of $398,350.20. Following the completion of the transaction, the chief executive officer directly owned 419,173 shares of the company's stock, valued at approximately $8,823,591.65. This represents a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Heerma sold 1,771 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $21.05, for a total value of $37,279.55. Following the transaction, the insider directly owned 128,215 shares of the company's stock, valued at $2,698,925.75. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,294 shares of company stock valued at $485,123 over the last three months. 4.19% of the stock is owned by insiders.

Analyst Ratings Changes

TVTX has been the topic of a number of recent research reports. Bank of America boosted their price objective on Travere Therapeutics from $29.00 to $31.00 and gave the stock a "buy" rating in a research note on Tuesday, April 1st. Cantor Fitzgerald restated an "overweight" rating on shares of Travere Therapeutics in a research note on Wednesday, April 23rd. Wedbush restated an "outperform" rating and set a $30.00 price objective on shares of Travere Therapeutics in a research note on Friday, May 16th. Stifel Nicolaus boosted their price target on Travere Therapeutics from $22.00 to $23.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. Finally, Canaccord Genuity Group boosted their price target on Travere Therapeutics from $45.00 to $47.00 and gave the stock a "buy" rating in a research note on Thursday, April 10th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Travere Therapeutics has an average rating of "Moderate Buy" and an average target price of $32.14.

Travere Therapeutics Stock Up 0.9%

Travere Therapeutics stock traded up $0.14 during midday trading on Tuesday, hitting $15.54. The stock had a trading volume of 112,549 shares, compared to its average volume of 1,643,978. The company has a current ratio of 2.05, a quick ratio of 2.03 and a debt-to-equity ratio of 9.46. The stock has a market cap of $1.38 billion, a P/E ratio of -5.53 and a beta of 0.72. Travere Therapeutics, Inc. has a 12 month low of $7.93 and a 12 month high of $25.29. The business has a fifty day moving average price of $15.39 and a 200 day moving average price of $17.92.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.08. The firm had revenue of $81.73 million during the quarter, compared to analyst estimates of $77.44 million. Travere Therapeutics had a negative return on equity of 1,179.73% and a negative net margin of 82.88%. Travere Therapeutics's quarterly revenue was up 83.3% on a year-over-year basis. During the same period in the previous year, the company earned ($1.76) earnings per share. Research analysts predict that Travere Therapeutics, Inc. will post -1.4 EPS for the current year.

Travere Therapeutics Profile

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.