Perceptive Advisors LLC Sells 135,629 Shares of Travere Therapeutics, Inc. $TVTX

Key Points

• Perceptive Advisors reduced its Travere Therapeutics stake by 3.2%, selling 135,629 shares and retaining 4.14 million shares valued at approximately $123.1 million.
• Analyst sentiment remains broadly positive: 10 analysts rate TVTX a Buy, with an overall “Moderate Buy” rating and an average price target of $52.58, although some firms recently lowered their ratings.
• Travere reported first-quarter EPS of $0.05, beating expectations for a $0.24 loss, while revenue rose 55.6% year over year to $127.2 million; the stock opened at $55.89 after recently trading down 2.4%.

Perceptive Advisors LLC lowered its holdings in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,142,551 shares of the company's stock after selling 135,629 shares during the period. Travere Therapeutics makes up 2.4% of Perceptive Advisors LLC's investment portfolio, making the stock its 12th largest position. Perceptive Advisors LLC owned about 4.45% of Travere Therapeutics worth $123,075,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. State Street Corp grew its holdings 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 in the last quarter. Wellington Management Group LLP raised its stake in Travere Therapeutics by 3,331.9% in the third quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company's stock valued at $28,715,000 after purchasing an additional 1,166,460 shares in the last quarter. Fiera Capital Corp bought a new stake in Travere Therapeutics during the fourth quarter valued at approximately $33,398,000. Cubist Systematic Strategies LLC bought a new stake in Travere Therapeutics during the second quarter valued at approximately $10,348,000. Finally, Adage Capital Partners GP L.L.C. grew its stake in 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 buying an additional 599,102 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have recently weighed in on TVTX shares. HC Wainwright raised their price objective on shares of Travere Therapeutics from $57.00 to $67.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Wedbush increased their target price on Travere Therapeutics from $55.00 to $61.00 and gave the company an "outperform" rating in a research note on Monday, June 22nd. TD Cowen lifted their price target on Travere Therapeutics from $45.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Weiss Ratings cut Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen lowered Travere Therapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $52.58.

Travere Therapeutics Trading Down 2.4%

NASDAQ TVTX opened at $55.89 on Friday. The firm has a market cap of $5.20 billion, a PE ratio of -242.99 and a beta of 1.10. Travere Therapeutics, Inc. has a 1-year low of $15.03 and a 1-year high of $60.10. The stock has a 50-day moving average of $53.56 and a 200-day moving average of $40.24. The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.29. The business had revenue of $127.20 million for the quarter, compared to analyst estimates of $136.23 million. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.Travere Therapeutics's revenue for the quarter was up 55.6% compared to the same quarter last year. During the same period last year, the company earned ($0.47) EPS. As a group, sell-side analysts forecast that Travere Therapeutics, Inc. will post -0.56 EPS for the current year.

Insider Activity

In other news, insider Elizabeth E. Reed sold 2,076 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total value of $91,240.20. Following the transaction, the insider owned 105,211 shares in the company, valued at approximately $4,624,023.45. This trade represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Also, insider William E. Rote sold 2,763 shares of Travere Therapeutics stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total transaction of $121,433.85. Following the completion of the transaction, the insider directly owned 115,474 shares in the company, valued at approximately $5,075,082.30. The trade was a 2.34% 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. In the last 90 days, insiders have sold 103,663 shares of company stock valued at $4,730,462. Corporate insiders own 4.44% of the company's stock.

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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