State of New Jersey Common Pension Fund D Takes Position in Travere Therapeutics, Inc. $TVTX

Key Points

• State of New Jersey Common Pension Fund D opened a new position in Travere Therapeutics, buying 28,904 shares valued at about $1.1 million in the fourth quarter.
• Analysts remain broadly constructive on TVTX: several firms raised their price targets, and the stock now carries a Moderate Buy consensus with a target price of $47.83.
• Travere reported Q1 earnings of $0.05 per share, beating estimates, while revenue rose 55.6% year over year to $127.2 million; however, insiders also sold shares recently, including director Roy D. Baynes and insider Elizabeth E. Reed.

State of New Jersey Common Pension Fund D acquired a new position in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 28,904 shares of the company's stock, valued at approximately $1,104,000.

A number of other large investors have also recently made changes to their positions in the company. Torren Management LLC purchased a new position in Travere Therapeutics in the fourth quarter worth approximately $38,000. M&T Bank Corp purchased a new stake in shares of Travere Therapeutics in the 4th quarter valued at approximately $446,000. Comerica Bank increased its position in shares of Travere Therapeutics by 77.5% in the 4th quarter. Comerica Bank now owns 1,127 shares of the company's stock valued at $43,000 after purchasing an additional 492 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Travere Therapeutics in the 4th quarter valued at $438,000. Finally, Calamos Advisors LLC acquired a new stake in shares of Travere Therapeutics in the 4th quarter valued at $2,763,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on TVTX shares. TD Cowen boosted their target price on shares of Travere Therapeutics from $45.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. JPMorgan Chase & Co. decreased their price target on Travere Therapeutics from $44.00 to $41.00 and set an "overweight" rating for the company in a report on Wednesday, March 25th. HC Wainwright upped their price objective on Travere Therapeutics from $47.00 to $57.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Canaccord Genuity Group increased their price objective on Travere Therapeutics from $47.00 to $56.00 and gave the company a "buy" rating in a report on Tuesday, April 14th. Finally, Weiss Ratings lowered Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, May 6th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.83.

Travere Therapeutics Price Performance

Shares of NASDAQ:TVTX opened at $43.51 on Tuesday. Travere Therapeutics, Inc. has a 12 month low of $13.88 and a 12 month high of $48.61. The firm has a market capitalization of $4.05 billion, a P/E ratio of -189.17 and a beta of 1.13. The company has a debt-to-equity ratio of 3.16, a current ratio of 3.13 and a quick ratio of 3.08. The company's fifty day moving average price is $33.37 and its 200 day moving average price is $33.16.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.29. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. The company had revenue of $127.20 million during the quarter, compared to the consensus estimate of $136.23 million. During the same quarter in the prior year, the firm posted ($0.47) earnings per share. Travere Therapeutics's revenue for the quarter was up 55.6% on a year-over-year basis. As a group, sell-side analysts predict that Travere Therapeutics, Inc. will post -0.26 earnings per share for the current fiscal year.

Insider Transactions at Travere Therapeutics

In other news, Director Roy D. Baynes sold 4,500 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $46.65, for a total value of $209,925.00. Following the completion of the sale, the director directly owned 37,500 shares of the company's stock, valued at approximately $1,749,375. This represents a 10.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth E. Reed sold 2,076 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total transaction 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 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. Over the last quarter, insiders sold 400,015 shares of company stock worth $15,895,428. 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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