Jennison Associates LLC Trims Stock Holdings in Travere Therapeutics, Inc. $TVTX

Key Points

• Jennison Associates LLC cut its stake in Travere Therapeutics by 76.4% in Q4, selling 828,015 shares and retaining 256,335 shares worth about $9.8 million (≈0.29% of the company).
• Company insiders have been selling recently — CEO Eric M. Dube sold 64,000 shares for ~$2.63M and, along with other insiders, has sold a total of 453,169 shares (~$16.37M) in the past three months; these trades were executed under pre-arranged Rule 10b5-1 plans.
• Analysts are modestly positive overall: the consensus rating is “Moderate Buy” with a consensus target of $42.67, while the stock has traded near a 12-month high (~$44.70) and the company has a market cap of about $4.08B.

Jennison Associates LLC decreased its stake in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 76.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 256,335 shares of the company's stock after selling 828,015 shares during the quarter. Jennison Associates LLC owned approximately 0.29% of Travere Therapeutics worth $9,795,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Arizona State Retirement System increased its position in Travere Therapeutics by 1.5% in the third quarter. Arizona State Retirement System now owns 24,964 shares of the company's stock worth $597,000 after buying an additional 375 shares in the last quarter. Comerica Bank increased its position in Travere Therapeutics by 77.5% in the fourth quarter. Comerica Bank now owns 1,127 shares of the company's stock worth $43,000 after buying an additional 492 shares in the last quarter. Diversified Trust Co increased its position in Travere Therapeutics by 3.5% in the third quarter. Diversified Trust Co now owns 23,695 shares of the company's stock worth $566,000 after buying an additional 796 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Travere Therapeutics by 26.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,348 shares of the company's stock worth $166,000 after buying an additional 902 shares in the last quarter. Finally, Torren Management LLC purchased a new stake in Travere Therapeutics in the fourth quarter worth about $38,000.

Insider Activity

In related news, CEO Eric M. Dube sold 64,000 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $41.09, for a total transaction of $2,629,760.00. Following the completion of the transaction, the chief executive officer directly owned 432,886 shares of the company's stock, valued at approximately $17,787,285.74. This represents a 12.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Christopher R. Cline sold 1,014 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $42.61, for a total value of $43,206.54. Following the transaction, the chief financial officer directly owned 116,899 shares of the company's stock, valued at approximately $4,981,066.39. The trade was a 0.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 453,169 shares of company stock valued at $16,369,723 in the last three months. 4.44% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on TVTX shares. Canaccord Genuity Group upped their price target on Travere Therapeutics from $47.00 to $56.00 and gave the stock a "buy" rating in a research report on Tuesday, April 14th. Weiss Ratings restated a "sell (e+)" rating on shares of Travere Therapeutics in a research report on Wednesday, January 21st. JPMorgan Chase & Co. cut their target price on Travere Therapeutics from $44.00 to $41.00 and set an "overweight" rating for the company in a research report on Wednesday, March 25th. Guggenheim increased their target price on Travere Therapeutics from $54.00 to $56.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Finally, HC Wainwright reiterated a "buy" rating and set a $47.00 target price on shares of Travere Therapeutics in a research report on Tuesday, April 14th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $42.67.

Travere Therapeutics Stock Performance

NASDAQ:TVTX opened at $44.12 on Friday. The company has a current ratio of 2.74, a quick ratio of 2.70 and a debt-to-equity ratio of 2.71. Travere Therapeutics, Inc. has a 12-month low of $13.88 and a 12-month high of $44.70. The stock has a 50-day moving average price of $32.02 and a 200 day moving average price of $32.54. The stock has a market capitalization of $4.08 billion, a P/E ratio of -147.06 and a beta of 1.13.

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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