Travere Therapeutics, Inc. $TVTX Shares Sold by First Trust Advisors LP

Key Points

• First Trust Advisors LP cut its Travere Therapeutics stake by 21.4% in the first quarter, selling 73,175 shares and retaining 268,549 shares valued at approximately $7.98 million.
• Company insiders also reduced their positions, with directors and executives selling 103,663 shares worth about $4.73 million during the last quarter under pre-arranged trading plans.
• Travere reported better-than-expected quarterly EPS of $0.05, while revenue rose 55.6% year over year to $127.2 million. Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $52.58.

First Trust Advisors LP reduced its holdings in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 21.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 268,549 shares of the company's stock after selling 73,175 shares during the quarter. First Trust Advisors LP owned approximately 0.29% of Travere Therapeutics worth $7,979,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Travere Therapeutics by 13.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company's stock worth $1,029,000 after purchasing an additional 6,831 shares during the last quarter. Norges Bank acquired a new position in shares of Travere Therapeutics in the second quarter valued at approximately $1,051,000. Cresset Asset Management LLC increased its stake in Travere Therapeutics by 26.5% in the 2nd quarter. Cresset Asset Management LLC now owns 28,875 shares of the company's stock valued at $427,000 after buying an additional 6,047 shares during the period. Qube Research & Technologies Ltd raised its holdings in Travere Therapeutics by 106.2% during the second quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company's stock worth $8,941,000 after purchasing an additional 311,137 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of Travere Therapeutics by 141.4% during the 2nd quarter. Sei Investments Co. now owns 80,142 shares of the company's stock worth $1,186,000 after buying an additional 46,939 shares in the last quarter.

Insiders Place Their Bets

In related news, Director Roy D. Baynes sold 4,500 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $50.00, for a total value of $225,000.00. Following the sale, the director directly owned 41,500 shares of the company's stock, valued at $2,075,000. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric M. Dube sold 22,500 shares of the business's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total transaction of $988,875.00. Following the completion of the sale, the chief executive officer directly owned 432,886 shares of the company's stock, valued at $19,025,339.70. The trade was a 4.94% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 103,663 shares of company stock valued at $4,730,462. 4.44% of the stock is owned by insiders.

Travere Therapeutics Stock Down 2.4%

Shares of NASDAQ:TVTX opened at $55.89 on Friday. The company has a 50 day moving average of $53.56 and a two-hundred day moving average of $40.24. The company has a market capitalization of $5.20 billion, a price-to-earnings ratio of -242.99 and a beta of 1.10. Travere Therapeutics, Inc. has a 52-week low of $15.03 and a 52-week high of $60.10. The company has a quick ratio of 3.08, a current ratio of 3.13 and a debt-to-equity ratio of 3.16.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $0.05 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $127.20 million for the quarter, compared to the consensus estimate of $136.23 million. During the same quarter in the previous year, the firm posted ($0.47) EPS. The firm's quarterly revenue was up 55.6% on a year-over-year basis. As a group, analysts forecast that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Travere Therapeutics from $50.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, June 12th. Guggenheim upped their price objective on Travere Therapeutics from $56.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Weiss Ratings downgraded shares of Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 23rd. TD Cowen raised 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. Finally, HC Wainwright lifted their price target on shares of Travere Therapeutics from $57.00 to $67.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Travere Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $52.58.

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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