Travere Therapeutics, Inc. $TVTX Position Increased by Penn Capital Management Company LLC

Key Points

• Penn Capital increased its Travere Therapeutics position by 1,640.2% in the third quarter, ending the period with 260,467 shares worth about $15.4 million. Other institutional investors also expanded or initiated holdings.
• Quarterly revenue rose 36.2% year over year to $224.6 million, beating forecasts, but the company’s loss of $0.55 per share was wider than analysts’ expected $0.06 loss.
• Insiders sold about 1.29 million shares worth $79.5 million over the past 90 days. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $72.55.

Penn Capital Management Company LLC lifted its position in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 1,640.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 260,467 shares of the company's stock after buying an additional 245,499 shares during the period. Penn Capital Management Company LLC owned approximately 0.28% of Travere Therapeutics worth $15,352,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jupiter Topco LLC bought a new position in shares of Travere Therapeutics during the 2nd quarter worth approximately $643,299,000. Bank of America Corp DE acquired a new stake in Travere Therapeutics in the second quarter valued at approximately $259,527,000. Wellington Management Group LLP boosted its stake in Travere Therapeutics by 50.0% in the second quarter. Wellington Management Group LLP now owns 1,533,080 shares of the company's stock valued at $87,094,000 after acquiring an additional 510,808 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Travere Therapeutics by 168.1% in the third quarter. Assenagon Asset Management S.A. now owns 1,145,414 shares of the company's stock worth $67,442,000 after purchasing an additional 718,109 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in Travere Therapeutics in the second quarter worth $26,723,000.

Travere Therapeutics Stock Up 4.1%

TVTX stock opened at $51.63 on Tuesday. The firm has a 50 day moving average of $57.12 and a 200 day moving average of $47.12. The stock has a market capitalization of $4.96 billion, a PE ratio of -40.02 and a beta of 1.11. The company has a quick ratio of 3.99, a current ratio of 3.00 and a debt-to-equity ratio of 26.72. Travere Therapeutics, Inc. has a 52 week low of $22.59 and a 52 week high of $68.73.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its earnings results on Monday, November 2nd. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.49). Travere Therapeutics had a negative return on equity of 185.69% and a negative net margin of 18.66%. The company had revenue of $224.56 million for the quarter, compared to analysts' expectations of $195.29 million. During the same period in the prior year, the firm posted $0.28 EPS. The firm's revenue for the quarter was up 36.2% on a year-over-year basis. Sell-side analysts forecast that Travere Therapeutics, Inc. will post -0.90 earnings per share for the current year.

Insider Buying and Selling at Travere Therapeutics

In related news, EVP Jula Inrig sold 44,674 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $62.34, for a total value of $2,784,977.16. Following the transaction, the executive vice president directly owned 100,491 shares of the company's stock, valued at $6,264,608.94. This represents a 30.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric M. Dube sold 243,735 shares of the company's stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $53.82, for a total value of $13,117,817.70. Following the completion of the transaction, the chief executive officer directly owned 432,886 shares in the company, valued at approximately $23,297,924.52. The trade was a 36.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 1,294,029 shares of company stock valued at $79,454,261. Company insiders own 4.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TVTX shares. Zacks Research downgraded Travere Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 20th. Piper Sandler reissued an "overweight" rating on shares of Travere Therapeutics in a research report on Monday, August 17th. Citigroup raised their price objective on Travere Therapeutics from $70.00 to $85.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Leerink Partners dropped their target price on Travere Therapeutics from $78.00 to $67.00 and set an "outperform" rating on the stock in a research note on Thursday, November 5th. Finally, Evercore set a $78.00 target price on Travere Therapeutics in a research report on Monday, August 10th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Travere Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $72.55.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare diseases, with an emphasis on kidney and metabolic disorders. The company was formerly known as Retrophin and adopted the Travere Therapeutics name in 2020.

Its commercial products include FILSPARI (sparsentan), an oral treatment approved in the United States for adults with primary IgA nephropathy at risk of disease progression, and THIOLA EC (tiopronin), used to help prevent cystine kidney stones in people with cystinuria.

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