Travere Therapeutics, Inc. $TVTX Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Travere Therapeutics stake by 81.5% in the second quarter, selling 207,398 shares and retaining 47,003 shares worth approximately $2.67 million. Other institutions, including Allianz Asset Management and JW Asset Management, initiated positions.
• Analyst sentiment remains positive, with 10 Buy ratings, one Hold and one Sell, producing a “Moderate Buy” consensus and a $68 average price target. Several firms recently raised their targets to between $70 and $78.
• Travere reported quarterly revenue of $169.58 million, up 48.2% year over year, and an adjusted loss of $0.10 per share that beat expectations. Shares opened at $65.79, near their 12-month high of $68.73, while director Jeffrey Meckler sold $1.35 million in stock under a pre-arranged trading plan.

Engineers Gate Manager LP lowered its stake in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 81.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,003 shares of the company's stock after selling 207,398 shares during the period. Engineers Gate Manager LP's holdings in Travere Therapeutics were worth $2,670,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new position in Travere Therapeutics in the 2nd quarter worth $70,000. JW Asset Management LLC acquired a new stake in Travere Therapeutics during the 2nd quarter worth about $1,704,000. Nykredit A S purchased a new stake in Travere Therapeutics during the 2nd quarter valued at about $237,000. Allianz Asset Management GmbH purchased a new stake in Travere Therapeutics during the 2nd quarter valued at about $2,441,000. Finally, Corient Private Wealth LP increased its holdings in shares of Travere Therapeutics by 1.4% in the second quarter. Corient Private Wealth LP now owns 48,125 shares of the company's stock valued at $2,734,000 after purchasing an additional 648 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TVTX shares. Weiss Ratings downgraded Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 23rd. Canaccord Genuity Group increased their price target on shares of Travere Therapeutics from $62.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Evercore set a $78.00 price target on shares of Travere Therapeutics in a research report on Monday, August 10th. Piper Sandler restated an "overweight" rating on shares of Travere Therapeutics in a research note on Monday, August 17th. Finally, Wedbush upped their price objective on shares of Travere Therapeutics from $61.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $68.00.

Travere Therapeutics Stock Down 0.6%

Shares of TVTX stock opened at $65.79 on Tuesday. The company has a current ratio of 4.05, a quick ratio of 3.99 and a debt-to-equity ratio of 24.58. The stock has a market cap of $6.20 billion, a P/E ratio of -143.02 and a beta of 1.05. The stock has a 50 day moving average of $61.31 and a 200 day moving average of $47.79. Travere Therapeutics, Inc. has a twelve month low of $22.06 and a twelve month high of $68.73.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.03. The firm had revenue of $169.58 million during the quarter, compared to analysts' expectations of $157.27 million. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The business's revenue was up 48.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.13 EPS. As a group, sell-side analysts expect that Travere Therapeutics, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling at Travere Therapeutics

In other news, Director Jeffrey Meckler sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $67.31, for a total transaction of $1,346,200.00. Following the transaction, the director owned 91,500 shares in the company, valued at $6,158,865. This trade represents a 17.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.44% of the stock is currently owned by insiders.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare kidney and immune-mediated diseases. The company's work is centered on conditions with significant unmet medical needs, including diseases that can lead to progressive kidney damage and kidney failure.

Travere's principal commercial product is FILSPARI (sparsentan), an oral therapy for adults with primary immunoglobulin A nephropathy, or IgA nephropathy, who are at risk of disease progression.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.