Legal & General Group Plc Makes New Investment in Travere Therapeutics, Inc. $TVTX

Key Points

• Legal & General Group Plc acquired 470,400 shares of Travere Therapeutics in the second quarter, worth approximately $26.7 million and representing about 0.5% of the company.
• Travere reported quarterly revenue of $169.6 million, up 48.2% year over year, and an adjusted loss of $0.10 per share that beat analyst expectations.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $61.67, while two directors sold shares under pre-arranged Rule 10b5-1 plans.

Legal & General Group Plc acquired a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 470,400 shares of the company's stock, valued at approximately $26,723,000. Legal & General Group Plc owned approximately 0.50% of Travere Therapeutics at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TVTX. State Street Corp raised its position in shares of Travere Therapeutics by 47.8% during the fourth quarter. State Street Corp now owns 4,756,666 shares of the company's stock worth $181,752,000 after purchasing an additional 1,538,827 shares during the period. Perceptive Advisors LLC increased its stake in Travere Therapeutics by 12.7% in the 4th quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company's stock worth $163,469,000 after purchasing an additional 483,565 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Travere Therapeutics by 27.4% during 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 buying an additional 599,102 shares during the period. Renaissance Technologies LLC raised its holdings in Travere Therapeutics by 28.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company's stock worth $85,849,000 after buying an additional 494,665 shares during the period. Finally, Rock Springs Capital Management LP lifted its stake in Travere Therapeutics by 2.1% during the fourth quarter. Rock Springs Capital Management LP now owns 2,210,322 shares of the company's stock valued at $84,456,000 after buying an additional 45,549 shares in the last quarter.

Insider Activity at Travere Therapeutics

In other news, Director Timothy Coughlin sold 10,000 shares of the stock in a transaction 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 owned 56,250 shares in the company, valued at $2,816,437.50. This represents a 15.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 4,500 shares of the stock in a transaction on Friday, June 12th. The stock was 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. The trade was a 9.78% 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. Insiders own 4.44% of the company's stock.

Travere Therapeutics Stock Down 2.7%

TVTX opened at $65.67 on Friday. Travere Therapeutics, Inc. has a fifty-two week low of $17.27 and a fifty-two week high of $67.85. The business has a 50-day moving average of $59.34 and a 200-day moving average of $44.84. The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The company has a market capitalization of $6.19 billion, a PE ratio of -142.76 and a beta of 1.12.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.03. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The business had revenue of $169.58 million during the quarter, compared to analysts' expectations of $157.27 million. During the same quarter in the previous year, the business posted $0.13 EPS. The firm's quarterly revenue was up 48.2% compared to the same quarter last year. Equities research analysts forecast that Travere Therapeutics, Inc. will post -0.56 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. HC Wainwright lifted their price objective on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Guggenheim upped their price target on Travere Therapeutics from $65.00 to $75.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Evercore set a $78.00 price objective on Travere Therapeutics in a research report on Monday, August 10th. Canaccord Genuity Group lifted their target price on Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company upped their target price on Travere Therapeutics from $50.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, June 12th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $61.67.

Travere Therapeutics Company 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.

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