Essex Investment Management Co. LLC Takes $4.56 Million Position in Travere Therapeutics, Inc. (NASDAQ:TVTX)

Key Points

• Essex Investment Management Co. LLC acquired a new position in Travere Therapeutics, purchasing 254,666 shares valued at approximately $4.56 million, making it the fund's 23rd largest position.
• Multiple analysts are optimistic about Travere Therapeutics, with ratings including a "buy" from Bank of America and a range of target prices from $22 to $35, indicating investor confidence in the stock's future performance.
• Recently reported earnings showed revenue growth of 83.3% year-over-year, with the company surpassing analysts' EPS expectations by reporting ($0.47) compared to the projected ($0.55).

Essex Investment Management Co. LLC acquired a new position in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 254,666 shares of the company's stock, valued at approximately $4,564,000. Travere Therapeutics accounts for about 1.0% of Essex Investment Management Co. LLC's investment portfolio, making the stock its 23rd largest holding. Essex Investment Management Co. LLC owned approximately 0.29% of Travere Therapeutics as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TVTX. Teacher Retirement System of Texas grew its stake in shares of Travere Therapeutics by 33.3% during the fourth quarter. Teacher Retirement System of Texas now owns 22,935 shares of the company's stock worth $400,000 after purchasing an additional 5,730 shares during the period. KLP Kapitalforvaltning AS bought a new position in Travere Therapeutics during the fourth quarter worth about $261,000. Norges Bank bought a new position in Travere Therapeutics during the fourth quarter worth about $1,237,000. Wellington Management Group LLP bought a new position in Travere Therapeutics during the fourth quarter worth about $583,000. Finally, Franklin Resources Inc. bought a new position in Travere Therapeutics during the fourth quarter worth about $631,000.

Insider Buying and Selling

In other Travere Therapeutics news, insider Peter Heerma sold 1,771 shares of the business'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 $37,279.55. Following the transaction, the insider owned 128,215 shares of the company's stock, valued at $2,698,925.75. The trade was a 1.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric M. Dube sold 18,924 shares of the business'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 value of $398,350.20. Following the transaction, the chief executive officer directly owned 419,173 shares in the company, valued at approximately $8,823,591.65. This trade represents a 4.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,294 shares of company stock worth $485,123. Corporate insiders own 4.19% of the company's stock.

Travere Therapeutics Stock Up 0.2%

TVTX traded up $0.03 on Friday, hitting $15.48. 394,392 shares of the company were exchanged, compared to its average volume of 1,633,656. Travere Therapeutics, Inc. has a 12 month low of $7.93 and a 12 month high of $25.29. The company has a market cap of $1.37 billion, a PE ratio of -5.50 and a beta of 0.72. The company has a debt-to-equity ratio of 9.46, a quick ratio of 2.03 and a current ratio of 2.05. The stock's fifty day moving average is $15.32 and its 200-day moving average is $17.87.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on TVTX. Wedbush reiterated an "outperform" rating and set a $30.00 target price on shares of Travere Therapeutics in a report on Friday, May 16th. Guggenheim reiterated a "buy" rating and set a $47.00 target price on shares of Travere Therapeutics in a report on Monday, April 14th. Stifel Nicolaus lifted their target price on Travere Therapeutics from $22.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. Citigroup reduced their target price on Travere Therapeutics from $35.00 to $32.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Finally, Scotiabank reiterated an "outperform" rating on shares of Travere Therapeutics in a report on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Travere Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.14.

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.