Deutsche Bank AG Purchases New Stake in Travere Therapeutics, Inc. $TVTX

Key Points

• Deutsche Bank acquired 225,583 shares of Travere Therapeutics worth approximately $12.8 million, representing about 0.24% of the company. Several other institutional investors also increased their positions.
• Analysts remain broadly positive, with 10 Buy ratings, two Holds and one Sell; the consensus rating is Moderate Buy with a $61.67 target price.
• Travere reported stronger-than-expected quarterly results, including a loss of $0.10 per share versus the expected $0.13 loss and revenue of $169.6 million, up 48.2% year over year. Shares opened at $65.71, near the company’s 52-week high.

Deutsche Bank AG purchased a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 225,583 shares of the company's stock, valued at approximately $12,815,000. Deutsche Bank AG owned approximately 0.24% of Travere Therapeutics as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. State Street Corp raised its stake in shares of Travere Therapeutics by 47.8% in the 4th quarter. State Street Corp now owns 4,756,666 shares of the company's stock valued at $181,752,000 after acquiring an additional 1,538,827 shares during the period. Perceptive Advisors LLC increased its holdings in Travere Therapeutics by 12.7% in the 4th quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company's stock valued at $163,469,000 after purchasing an additional 483,565 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in Travere Therapeutics by 27.4% in the second 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 purchasing an additional 599,102 shares during the period. Renaissance Technologies LLC raised its position in 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 during the period. Finally, Rock Springs Capital Management LP lifted its stake in shares of Travere Therapeutics by 2.1% during the fourth quarter. Rock Springs Capital Management LP now owns 2,210,322 shares of the company's stock worth $84,456,000 after purchasing an additional 45,549 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Canaccord Genuity Group increased their target price on Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Evercore set a $78.00 price target on Travere Therapeutics in a research report on Monday, August 10th. Wall Street Zen cut Travere Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings cut Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 23rd. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Travere Therapeutics in a research report on Monday, August 17th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $61.67.

Travere Therapeutics Stock Up 1.9%

Shares of Travere Therapeutics stock opened at $65.71 on Friday. Travere Therapeutics, Inc. has a 1-year low of $17.05 and a 1-year high of $66.38. The company has a market capitalization of $6.19 billion, a PE ratio of -142.84 and a beta of 1.12. 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 business has a 50-day moving average of $58.12 and a 200-day moving average of $43.61.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.03. The business had revenue of $169.58 million for the quarter, compared to analysts' expectations of $157.27 million. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The company's revenue was up 48.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.13 earnings per share. As a group, equities analysts forecast that Travere Therapeutics, Inc. will post -0.56 EPS for the current fiscal year.

Insider Buying and Selling

In other Travere Therapeutics news, Director Timothy Coughlin sold 10,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $50.07, for a total value of $500,700.00. Following the transaction, the director directly owned 56,250 shares of the company's stock, valued at $2,816,437.50. This represents a 15.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.00, for a total value of $225,000.00. Following the transaction, the director owned 41,500 shares of the company's stock, valued at approximately $2,075,000. This trade represents a 9.78% decrease in their ownership of the stock. 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 owned by company insiders.

About Travere Therapeutics

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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