Travere Therapeutics, Inc. $TVTX Shares Sold by Affinity Asset Advisors LLC

Key Points

• Affinity Asset Advisors cut its Travere Therapeutics stake by 95.9% in the first quarter, selling 7 million shares and ending with 300,000 shares worth about $8.9 million.
• Several analysts turned more bullish on the stock, with multiple firms raising price targets; the consensus rating is Moderate Buy with an average target of $52.08.
• Travere reported quarterly EPS of $0.05, beating estimates, while revenue rose 55.6% year over year to $127.2 million. The stock recently traded near its 12-month high, opening at $57.36.

Affinity Asset Advisors LLC lowered its holdings in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 95.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 300,000 shares of the company's stock after selling 7,000,000 shares during the quarter. Affinity Asset Advisors LLC owned approximately 0.32% of Travere Therapeutics worth $8,913,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its holdings in Travere Therapeutics by 47.8% during the fourth quarter. State Street Corp now owns 4,756,666 shares of the company's stock valued at $181,752,000 after purchasing an additional 1,538,827 shares in the last quarter. Wellington Management Group LLP lifted its stake in Travere Therapeutics by 3,331.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company's stock valued at $28,715,000 after buying an additional 1,166,460 shares in the last quarter. Fiera Capital Corp acquired a new stake in Travere Therapeutics in the 4th quarter worth about $33,398,000. Perceptive Advisors LLC acquired a new stake in Travere Therapeutics in the 2nd quarter worth about $12,347,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Travere Therapeutics during the 2nd quarter worth approximately $10,348,000.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. 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. Guggenheim raised their price objective on Travere Therapeutics from $56.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, June 25th. HC Wainwright lifted their target price on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Wells Fargo & Company upped their target price on shares of Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Finally, Wedbush increased their target price on shares of Travere Therapeutics from $55.00 to $61.00 and gave the company an "outperform" rating in a research report on Monday, June 22nd. Ten research 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. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.08.

Insider Buying and Selling at Travere Therapeutics

In related news, CEO Eric M. Dube sold 22,500 shares of Travere Therapeutics 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 $988,875.00. Following the completion of the transaction, the chief executive officer owned 432,886 shares in the company, valued at $19,025,339.70. The trade was a 4.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 9,750 shares of the business's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $44.22, for a total transaction of $431,145.00. Following the transaction, the director owned 37,500 shares of the company's stock, valued at $1,658,250. This trade represents a 20.63% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 113,413 shares of company stock valued at $5,161,607. 4.44% of the stock is currently owned by company insiders.

Travere Therapeutics Trading Up 1.2%

NASDAQ:TVTX opened at $57.36 on Friday. The firm has a market cap of $5.33 billion, a PE ratio of -249.38 and a beta of 1.10. The stock has a fifty day moving average price of $52.29 and a 200 day moving average price of $39.53. Travere Therapeutics, Inc. has a 12-month low of $15.03 and a 12-month high of $60.10. 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 issued its quarterly earnings results on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.29. The company had revenue of $127.20 million for the quarter, compared to the consensus estimate 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 was up 55.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.47) EPS. Sell-side analysts anticipate that Travere Therapeutics, Inc. will post -0.31 earnings per share for the current fiscal year.

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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