Travere Therapeutics, Inc. $TVTX Shares Sold by Armistice Capital LLC

Key Points

• Armistice Capital cut its Travere Therapeutics stake by 44% in the fourth quarter, selling 2.96 million shares and ending with 3.76 million shares worth about $143.8 million.
• Several analysts remain bullish on TVTX, with firms including Wells Fargo and Citi raising price targets; the stock currently has a Moderate Buy consensus and an average target price of $50.83.
• Travere Therapeutics reported quarterly EPS of $0.05, beating expectations, while revenue rose 55.6% year over year to $127.2 million; shares were also trading near their 52-week high.

Armistice Capital LLC decreased its position in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 44.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,763,891 shares of the company's stock after selling 2,960,109 shares during the quarter. Travere Therapeutics accounts for approximately 1.7% of Armistice Capital LLC's investment portfolio, making the stock its 6th largest position. Armistice Capital LLC owned 4.21% of Travere Therapeutics worth $143,818,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of TVTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Travere Therapeutics by 13.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company's stock valued at $1,029,000 after buying an additional 6,831 shares in the last quarter. Norges Bank acquired a new stake in shares of Travere Therapeutics during the 2nd quarter worth approximately $1,051,000. First Trust Advisors LP acquired a new stake in shares of Travere Therapeutics during the 2nd quarter worth approximately $3,538,000. Cresset Asset Management LLC increased its stake in Travere Therapeutics by 26.5% in the second quarter. Cresset Asset Management LLC now owns 28,875 shares of the company's stock valued at $427,000 after acquiring an additional 6,047 shares during the last quarter. Finally, Qube Research & Technologies Ltd raised its position in Travere Therapeutics by 106.2% during the second quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company's stock valued at $8,941,000 after purchasing an additional 311,137 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts have commented on TVTX shares. Wells Fargo & Company boosted their target price on Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. Citigroup lifted their price target on shares of Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a report on Monday. Canaccord Genuity Group increased their price objective on shares of Travere Therapeutics from $47.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday, April 14th. HC Wainwright boosted 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. Finally, Piper Sandler upgraded Travere Therapeutics from a "neutral" rating to an "overweight" rating and set a $49.00 price target for the company in a research note on Tuesday, April 14th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $50.83.

Insider Buying and Selling at Travere Therapeutics

In other Travere Therapeutics news, CEO Eric M. Dube sold 64,000 shares of the firm's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $41.09, for a total value of $2,629,760.00. Following the completion of the sale, the chief executive officer directly owned 432,886 shares in the company, valued at approximately $17,787,285.74. This trade represents a 12.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 32,750 shares of the company's stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $41.29, for a total transaction of $1,352,247.50. Following the transaction, the director owned 37,500 shares in the company, valued at $1,548,375. This represents a 46.62% 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. Insiders sold 404,515 shares of company stock valued at $16,340,228 over the last 90 days. Insiders own 4.44% of the company's stock.

Travere Therapeutics Stock Up 1.4%

Shares of Travere Therapeutics stock opened at $54.14 on Thursday. The stock's 50-day moving average is $43.07 and its 200 day moving average is $35.63. Travere Therapeutics, Inc. has a one year low of $13.88 and a one year high of $55.11. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of -235.38 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.

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 (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.29. The firm 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%.The company's revenue was up 55.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.47) earnings per share. Equities research analysts anticipate that Travere Therapeutics, Inc. will post -0.29 EPS for the current year.

Travere Therapeutics 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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