Empowered Funds LLC Buys New Stake in Travere Therapeutics, Inc. $TVTX

Key Points

• Empowered Funds LLC acquired 87,608 shares of Travere Therapeutics during the second quarter, valued at approximately $4.98 million. Other major investors, including State Street and Perceptive Advisors, also increased their positions.
• Analyst sentiment is largely positive: 10 analysts rate the stock Buy, two rate it Hold, and one rates it Sell. The consensus rating is Moderate Buy, with an average price target of $61.67, while several firms recently raised their targets.
• Travere reported quarterly revenue of $169.58 million, up 48.2% year over year, and a loss of $0.10 per share that beat estimates. The stock opened at $66.28 and is near its 52-week high of $67.85.

Empowered Funds LLC bought a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 87,608 shares of the company's stock, valued at approximately $4,977,000. Empowered Funds LLC owned about 0.09% of Travere Therapeutics as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Jupiter Topco LLC purchased a new stake in shares of Travere Therapeutics in the second quarter valued at $643,299,000. State Street Corp increased its position in Travere Therapeutics by 47.8% during the 4th quarter. State Street Corp now owns 4,756,666 shares of the company's stock worth $181,752,000 after purchasing an additional 1,538,827 shares in the last quarter. Bank of America Corp DE purchased a new stake in Travere Therapeutics during the 2nd quarter worth about $259,527,000. Perceptive Advisors LLC raised its stake 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 during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in Travere Therapeutics by 27.4% in 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 purchasing an additional 599,102 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. TD Cowen raised their price target on shares of Travere Therapeutics from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Weiss Ratings downgraded shares of Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 23rd. Canaccord Genuity Group boosted their price objective on shares of Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Citigroup upped 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. Finally, Wells Fargo & Company raised their target price on shares of Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, June 12th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Travere Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $61.67.

Travere Therapeutics Stock Performance

Travere Therapeutics stock opened at $66.28 on Tuesday. The stock has a fifty day moving average price of $59.56 and a 200 day moving average price of $45.20. Travere Therapeutics, Inc. has a 52 week low of $17.27 and a 52 week high of $67.85. The firm has a market capitalization of $6.25 billion, a P/E ratio of -144.08 and a beta of 1.12. The company has a current ratio of 4.05, a quick ratio of 3.99 and a debt-to-equity ratio of 24.58.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.03. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The firm had revenue of $169.58 million for the quarter, compared to analyst estimates of $157.27 million. During the same period last year, the company earned $0.13 EPS. The firm's quarterly revenue was up 48.2% on a year-over-year basis. Equities research analysts anticipate that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current year.

Insider Activity at Travere Therapeutics

In related news, Director Timothy Coughlin sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.07, for a total value of $500,700.00. Following the sale, the director directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.00, for a total transaction of $225,000.00. Following the completion of 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 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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