Polar Asset Management Partners Inc. Acquires New Position in Travere Therapeutics, Inc. $TVTX

Key Points

• Polar Asset Management Partners Inc. has acquired a new stake in Travere Therapeutics, acquiring 16,958 shares valued at approximately $304,000 during the first quarter.
• Several analysts have a positive outlook on Travere Therapeutics, with thirteen analysts rating it as a "buy" and a consensus target price of $33.43.
• In its latest earnings report, Travere Therapeutics exceeded expectations with $94.84 million in revenue, a 111.5% increase from the same quarter last year.

Polar Asset Management Partners Inc. acquired a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,958 shares of the company's stock, valued at approximately $304,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Travere Therapeutics during the first quarter valued at approximately $182,000. Northern Trust Corp lifted its stake in shares of Travere Therapeutics by 11.3% during the fourth quarter. Northern Trust Corp now owns 754,395 shares of the company's stock valued at $13,142,000 after buying an additional 76,358 shares during the period. Wellington Management Group LLP purchased a new position in Travere Therapeutics during the fourth quarter worth approximately $583,000. Bank of New York Mellon Corp boosted its holdings in shares of Travere Therapeutics by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 233,942 shares of the company's stock valued at $4,192,000 after purchasing an additional 17,079 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Travere Therapeutics by 5,072.9% during the 1st quarter. GAMMA Investing LLC now owns 10,501 shares of the company's stock valued at $188,000 after buying an additional 10,298 shares during the period.

Analyst Ratings Changes

Several research analysts recently weighed in on TVTX shares. Scotiabank reaffirmed an "outperform" rating on shares of Travere Therapeutics in a research report on Thursday, August 7th. HC Wainwright reaffirmed a "buy" rating and issued a $47.00 target price on shares of Travere Therapeutics in a research report on Wednesday. Citigroup reaffirmed a "buy" rating on shares of Travere Therapeutics in a research report on Sunday, August 10th. Wedbush increased their target price on Travere Therapeutics from $30.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen raised Travere Therapeutics from a "hold" rating to a "buy" rating in a research report on Monday, September 1st. Thirteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.43.

Travere Therapeutics Price Performance

Travere Therapeutics stock opened at $21.64 on Friday. Travere Therapeutics, Inc. has a 52-week low of $10.64 and a 52-week high of $25.29. The firm has a fifty day moving average of $16.83 and a 200-day moving average of $17.31. The firm has a market capitalization of $1.93 billion, a P/E ratio of -10.61 and a beta of 0.79. The company has a quick ratio of 1.98, a current ratio of 2.00 and a debt-to-equity ratio of 9.50.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.14. Travere Therapeutics had a negative net margin of 50.64% and a negative return on equity of 717.68%. The company had revenue of $94.84 million during the quarter, compared to analyst estimates of $100.18 million. During the same quarter in the prior year, the business earned ($0.65) earnings per share. The business's quarterly revenue was up 111.5% compared to the same quarter last year. As a group, analysts predict that Travere Therapeutics, Inc. will post -1.4 EPS for the current year.

Travere Therapeutics Company 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.

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