Connor Clark & Lunn Investment Management Ltd. Acquires 68,451 Shares of Travere Therapeutics, Inc. (NASDAQ:TVTX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Travere Therapeutics by 16% in Q1, owning 495,177 shares valued at approximately $8.87 million.
• Analysts have given Travere Therapeutics a consensus rating of "Moderate Buy" with a target price averaging $32.21, indicating strong investor interest.
• Travere Therapeutics reported a revenue increase of 111.5% year-over-year, despite a net loss, and outperformed earnings expectations for the most recent quarter.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 16.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 495,177 shares of the company's stock after purchasing an additional 68,451 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.56% of Travere Therapeutics worth $8,874,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GF Fund Management CO. LTD. acquired a new position in shares of Travere Therapeutics in the 4th quarter valued at about $31,000. Sterling Capital Management LLC lifted its stake in shares of Travere Therapeutics by 859.8% in the 4th quarter. Sterling Capital Management LLC now owns 2,361 shares of the company's stock valued at $41,000 after purchasing an additional 2,115 shares during the period. Gen Wealth Partners Inc acquired a new position in shares of Travere Therapeutics in the 4th quarter valued at about $73,000. KBC Group NV bought a new stake in Travere Therapeutics in the 1st quarter valued at about $75,000. Finally, Summit Investment Advisors Inc. increased its position in Travere Therapeutics by 9.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,905 shares of the company's stock valued at $138,000 after buying an additional 667 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts recently commented on TVTX shares. Citigroup reaffirmed a "buy" rating on shares of Travere Therapeutics in a research report on Sunday. Scotiabank reaffirmed an "outperform" rating on shares of Travere Therapeutics in a research report on Thursday, August 7th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Travere Therapeutics in a research report on Wednesday, April 23rd. Wedbush boosted their target price on Travere Therapeutics from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $30.00 target price on shares of Travere Therapeutics in a research report on Tuesday, July 1st. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.21.

Travere Therapeutics Stock Up 1.0%

TVTX traded up $0.18 during midday trading on Thursday, reaching $18.23. 1,537,265 shares of the company were exchanged, compared to its average volume of 1,649,137. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -8.94 and a beta of 0.74. The company has a debt-to-equity ratio of 9.50, a quick ratio of 1.98 and a current ratio of 2.00. The company's fifty day moving average price is $15.59 and its 200 day moving average price is $17.74. Travere Therapeutics, Inc. has a one year low of $8.46 and a one year high of $25.29.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.14. The company had revenue of $94.84 million during the quarter, compared to analyst estimates of $100.18 million. Travere Therapeutics had a negative return on equity of 717.68% and a negative net margin of 50.64%. Travere Therapeutics's quarterly revenue was up 111.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.65) earnings per share. As a group, analysts expect 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.