Empowered Funds LLC Increases Holdings in Travere Therapeutics, Inc. $TVTX

Key Points

• Empowered Funds LLC increased its Travere Therapeutics stake by 2,719.8% in the first quarter, owning 84,820 shares worth approximately $2.52 million. Other major institutional investors, including State Street and Perceptive Advisors, also expanded their positions.
• Analyst sentiment remains positive, with 11 Buy ratings, two Holds and one Sell, producing a “Moderate Buy” consensus and average price target of $55.92. TD Cowen and Wells Fargo recently raised their targets to $75 and $65, respectively.
• TVTX shares opened at $62.76 after a reported 12% rise, while quarterly EPS beat estimates and revenue increased 55.6% year over year. However, the company remains unprofitable, and two directors sold shares under pre-arranged 10b5-1 trading plans.

Empowered Funds LLC boosted its holdings in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 2,719.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,820 shares of the company's stock after purchasing an additional 81,812 shares during the quarter. Empowered Funds LLC owned approximately 0.09% of Travere Therapeutics worth $2,520,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp grew 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 worth $181,752,000 after buying an additional 1,538,827 shares in the last quarter. Perceptive Advisors LLC raised its position in shares of Travere Therapeutics by 12.7% during the 4th quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company's stock valued at $163,469,000 after buying an additional 483,565 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of 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 acquiring an additional 599,102 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Travere Therapeutics by 28.2% in the 4th quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company's stock valued at $85,849,000 after acquiring an additional 494,665 shares during the last quarter. Finally, Rock Springs Capital Management LP lifted its holdings in shares of 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 acquiring an additional 45,549 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on TVTX shares. Weiss Ratings downgraded Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 23rd. Piper Sandler upgraded Travere Therapeutics from a "neutral" rating to an "overweight" rating and set a $49.00 price target for the company in a research report on Tuesday, April 14th. TD Cowen lifted their price objective on shares of Travere Therapeutics from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday. Evercore reiterated an "outperform" rating on shares of Travere Therapeutics in a research report on Wednesday. Finally, Wells Fargo & Company increased their target price on shares of Travere Therapeutics from $50.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, June 12th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $55.92.

Travere Therapeutics Trading Up 12.0%

Shares of NASDAQ TVTX opened at $62.76 on Thursday. Travere Therapeutics, Inc. has a twelve month low of $15.60 and a twelve month high of $66.24. The firm has a market cap of $5.84 billion, a PE ratio of -136.43 and a beta of 1.12. The business has a fifty day simple moving average of $54.30 and a two-hundred day simple moving average of $40.89. The company has a quick ratio of 3.08, a current ratio of 3.13 and a debt-to-equity ratio of 3.16.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.29. The business had revenue of $127.20 million for the quarter, compared to the consensus estimate of $136.23 million. Travere Therapeutics had a negative return on equity of 44.89% and a negative net margin of 7.35%.The business's revenue was up 55.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.47) EPS. Analysts expect that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current fiscal year.

Insider Transactions at Travere Therapeutics

In other Travere Therapeutics news, Director Roy D. Baynes sold 4,500 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $50.00, for a total transaction of $225,000.00. Following the transaction, the director directly owned 41,500 shares in the company, valued at $2,075,000. This represents a 9.78% decrease in their position. The sale 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 Timothy Coughlin sold 10,000 shares of Travere Therapeutics stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.07, for a total transaction of $500,700.00. Following the transaction, the director directly owned 56,250 shares in the company, valued at approximately $2,816,437.50. The trade was a 15.09% 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 corporate insiders.

More Travere Therapeutics News

Here are the key news stories impacting Travere Therapeutics this week:

• Positive Sentiment: Travere said the launch of FILSPARI for focal segmental glomerulosclerosis (FSGS) is exceeding expectations. Management indicated the drug could generate more than $3 billion in peak annual sales, materially expanding the company’s long-term revenue opportunity. Travere signals potential for more than $3B in peak annual FILSPARI sales as FSGS launch exceeds expectations
• Positive Sentiment: Second-quarter revenue was reported at approximately $169.6 million, above the roughly $157.3 million analyst estimate and up 48.2% year over year. The revenue performance supports the view that FILSPARI is gaining commercial traction. Travere Therapeutics quarterly earnings results
• Positive Sentiment: TD Cowen raised its price target on TVTX from $60 to $75 and maintained a “buy” rating, implying further upside based on the company’s growth outlook. TD Cowen raises Travere Therapeutics price target
• Neutral Sentiment: Travere will participate in upcoming Canaccord Genuity, Wells Fargo, Citi and Cantor healthcare investor conferences. These events may provide additional details on FILSPARI demand, guidance and the company’s strategy, but do not themselves change current fundamentals. Travere Therapeutics to Participate at Upcoming Investor Conferences
• Negative Sentiment: Profitability remains a risk. Coverage of the quarter showed a larger-than-expected loss in at least one report, while other reports cited a smaller loss that beat estimates. Regardless of the discrepancy, TVTX remains unprofitable, making continued FILSPARI growth and operating leverage important to the valuation. Travere Therapeutics reports second-quarter results

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.

Want to see what other hedge funds are holding TVTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source