Travere Therapeutics, Inc. $TVTX Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management trimmed its stake in Travere by 21.9% (sold 149,770 shares) and now holds 534,614 shares (~0.60% of the company) valued at about $20.78M, while other institutions also reshuffled positions—most notably Qube Research more than doubled its stake to 604,128 shares.
• Insiders have been net sellers: CEO Eric M. Dube sold 100,087 shares and insiders disposed of 453,169 shares worth roughly $16.37M in the past three months, even as analysts keep a "Moderate Buy" consensus with a $42.67 average price target (10 Buys, 2 Holds, 1 Sell).

Pictet Asset Management Holding SA lowered its stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 21.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 534,614 shares of the company's stock after selling 149,770 shares during the period. Pictet Asset Management Holding SA owned 0.60% of Travere Therapeutics worth $20,778,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TVTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Travere Therapeutics by 13.7% during 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 acquiring an additional 6,831 shares during the last quarter. Norges Bank acquired a new position in Travere Therapeutics in the 2nd quarter valued at about $1,051,000. First Trust Advisors LP acquired a new position in Travere Therapeutics in the 2nd quarter valued at about $3,538,000. Cresset Asset Management LLC grew its stake in shares of 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. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Travere Therapeutics by 106.2% during the 2nd quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company's stock worth $8,941,000 after buying an additional 311,137 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Travere Therapeutics in a research report on Wednesday, January 21st. Canaccord Genuity Group increased their price target on Travere Therapeutics from $47.00 to $56.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. JPMorgan Chase & Co. reduced their price objective on shares of Travere Therapeutics from $44.00 to $41.00 and set an "overweight" rating on the stock in a report on Wednesday, March 25th. Wedbush upped their target price on shares of Travere Therapeutics from $39.00 to $44.00 and gave the company an "outperform" rating in a research report on Tuesday, April 14th. Finally, Piper Sandler raised shares of Travere Therapeutics from a "neutral" rating to an "overweight" rating and set a $49.00 target price for the company in a research note on Tuesday, April 14th. Ten 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.67.

Travere Therapeutics Price Performance

Travere Therapeutics stock opened at $44.12 on Friday. The firm has a market cap of $4.08 billion, a PE ratio of -147.06 and a beta of 1.13. Travere Therapeutics, Inc. has a 52-week low of $13.88 and a 52-week high of $44.70. The company has a quick ratio of 2.70, a current ratio of 2.74 and a debt-to-equity ratio of 2.71. The company's 50 day moving average is $32.02 and its two-hundred day moving average is $32.50.

Insider Activity

In other news, insider William E. Rote sold 12,446 shares of Travere Therapeutics stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $32.87, for a total transaction of $409,100.02. Following the completion of the sale, the insider directly owned 109,087 shares of the company's stock, valued at approximately $3,585,689.69. The trade was a 10.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric M. Dube sold 100,087 shares of the firm's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $32.28, for a total value of $3,230,808.36. Following the completion of the sale, the chief executive officer owned 432,886 shares in the company, valued at approximately $13,973,560.08. This represents a 18.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 453,169 shares of company stock worth $16,369,723 over the last three months. Company insiders own 4.44% of the company's stock.

About Travere Therapeutics

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.

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.