Fiera Capital Corp Takes $33.40 Million Position in Travere Therapeutics, Inc. $TVTX

Key Points

• Fiera Capital Corp disclosed a new stake in Travere Therapeutics, buying 874,053 shares worth about $33.4 million in the fourth quarter, equal to roughly 0.98% of the company.
• Several analysts turned more bullish on TVTX, with firms including Wells Fargo, HC Wainwright, and TD Cowen raising price targets; the stock now carries a Moderate Buy consensus and an average target of $48.92.
• Travere reported Q1 earnings of $0.05 per share, beating expectations, while revenue rose 55.6% year over year to $127.2 million; the stock recently traded near its 52-week high of $48.61.

Fiera Capital Corp purchased a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 874,053 shares of the company's stock, valued at approximately $33,398,000. Fiera Capital Corp owned 0.98% of Travere Therapeutics at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TVTX. Wellington Management Group LLP lifted its holdings in shares of Travere Therapeutics by 3,331.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company's stock valued at $28,715,000 after buying an additional 1,166,460 shares during the period. Perceptive Advisors LLC bought a new position in shares of Travere Therapeutics during the 2nd quarter valued at $12,347,000. Cubist Systematic Strategies LLC bought a new position in shares of Travere Therapeutics during the 2nd quarter valued at $10,348,000. Vanguard Group Inc. lifted its holdings in shares of Travere Therapeutics by 10.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,613,368 shares of the company's stock valued at $158,059,000 after buying an additional 619,085 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its stake 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 worth $41,203,000 after purchasing an additional 599,102 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TVTX. Wells Fargo & Company lifted their target price on Travere Therapeutics from $40.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. HC Wainwright lifted their target price on Travere Therapeutics from $57.00 to $67.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Wedbush reiterated an "outperform" rating and set a $55.00 target price on shares of Travere Therapeutics in a research report on Wednesday, June 3rd. TD Cowen lifted their target price on Travere Therapeutics from $45.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings upgraded Travere Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, May 21st. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given 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 $48.92.

Travere Therapeutics Price Performance

NASDAQ:TVTX opened at $47.08 on Tuesday. The company has a quick ratio of 3.08, a current ratio of 3.13 and a debt-to-equity ratio of 3.16. The business's 50-day simple moving average is $40.10 and its two-hundred day simple moving average is $34.86. The stock has a market cap of $4.38 billion, a PE ratio of -204.69 and a beta of 1.13. Travere Therapeutics, Inc. has a 52 week low of $13.88 and a 52 week high of $48.61.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.24) by $0.29. The business had revenue of $127.20 million for the quarter, compared to analysts' expectations of $136.23 million. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.The business's quarterly revenue was up 55.6% on a year-over-year basis. During the same period last year, the firm earned ($0.47) earnings per share. As a group, analysts forecast that Travere Therapeutics, Inc. will post -0.29 EPS for the current fiscal year.

Insider Activity

In other news, CAO Sandra Calvin sold 21,977 shares of the firm's stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $41.07, for a total transaction of $902,595.39. Following the completion of the transaction, the chief accounting officer owned 42,353 shares in the company, valued at $1,739,437.71. This trade represents a 34.16% decrease in their ownership of the stock. 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 32,750 shares of the firm's stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $41.29, for a total value of $1,352,247.50. Following the transaction, the director owned 37,500 shares of the company's stock, valued at approximately $1,548,375. The trade was a 46.62% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 400,015 shares of company stock valued at $15,895,428. 4.44% of the stock is owned by corporate 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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