Jennison Associates LLC Boosts Position in Travere Therapeutics, Inc. (NASDAQ:TVTX)

Jennison Associates LLC increased its position in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 4.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 852,124 shares of the company's stock after acquiring an additional 35,725 shares during the period. Jennison Associates LLC owned about 0.96% of Travere Therapeutics worth $15,270,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in TVTX. GF Fund Management CO. LTD. purchased a new stake in shares of Travere Therapeutics during the 4th quarter valued at about $31,000. Sterling Capital Management LLC grew its stake in Travere Therapeutics by 859.8% in the 4th quarter. Sterling Capital Management LLC now owns 2,361 shares of the company's stock worth $41,000 after acquiring an additional 2,115 shares in the last quarter. KBC Group NV purchased a new position in Travere Therapeutics during the first quarter valued at approximately $75,000. Gen Wealth Partners Inc purchased a new position in Travere Therapeutics during the fourth quarter valued at approximately $73,000. Finally, Summit Investment Advisors Inc. increased its holdings in Travere Therapeutics by 9.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,905 shares of the company's stock valued at $138,000 after buying an additional 667 shares during the period.

Travere Therapeutics Stock Performance

Shares of NASDAQ:TVTX traded down $0.29 on Monday, hitting $15.82. The company had a trading volume of 1,165,119 shares, compared to its average volume of 1,616,463. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -5.63 and a beta of 0.72. Travere Therapeutics, Inc. has a 1-year low of $7.93 and a 1-year high of $25.29. The company has a current ratio of 2.05, a quick ratio of 2.03 and a debt-to-equity ratio of 9.46. The stock has a 50 day moving average price of $15.87 and a 200 day moving average price of $18.05.

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

Insider Buying and Selling at Travere Therapeutics

In other news, CEO Eric M. Dube sold 18,924 shares of the company's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $21.05, for a total transaction of $398,350.20. Following the transaction, the chief executive officer directly owned 419,173 shares of the company's stock, valued at approximately $8,823,591.65. This represents a 4.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Christopher R. Cline sold 1,784 shares of the company's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $21.05, for a total value of $37,553.20. Following the transaction, the chief financial officer directly owned 93,126 shares in the company, valued at approximately $1,960,302.30. The trade was a 1.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,294 shares of company stock worth $485,123. Insiders own 4.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TVTX. Stifel Nicolaus lifted their price objective on shares of Travere Therapeutics from $22.00 to $23.00 and gave the company a "hold" rating in a report on Friday, May 2nd. HC Wainwright reissued a "buy" rating and issued a $30.00 price target on shares of Travere Therapeutics in a research note on Tuesday, July 1st. Bank of America increased their price objective on shares of Travere Therapeutics from $29.00 to $31.00 and gave the company a "buy" rating in a research report on Tuesday, April 1st. Wedbush reaffirmed an "outperform" rating and issued a $30.00 target price on shares of Travere Therapeutics in a research report on Friday, May 16th. Finally, Citigroup decreased their price target on shares of Travere Therapeutics from $35.00 to $32.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average 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.