VIRGINIA RETIREMENT SYSTEMS ET Al Takes $1.53 Million Position in Travere Therapeutics, Inc. $TVTX

Key Points

• Virginia Retirement Systems bought 27,000 Travere Therapeutics shares in the second quarter, worth approximately $1.53 million. Several other institutions also initiated or expanded positions, including California State Teachers’ Retirement System, which increased its stake by more than 5,000%.
• Analysts remain broadly positive on TVTX, with 10 Buy ratings, one Hold, and one Sell. The consensus price target is $68, while recent targets range from $67 to $78.
• Travere reported second-quarter revenue of $169.6 million, up 48.2% year over year, and narrowed its loss to $0.10 per share versus the $0.13 consensus estimate. Separately, director Jeffrey Meckler sold 20,000 shares for about $1.35 million under a Rule 10b5-1 plan.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 27,000 shares of the company's stock, valued at approximately $1,534,000.

Several other institutional investors also recently bought and sold shares of the company. California State Teachers Retirement System grew its stake in shares of Travere Therapeutics by 5,062.4% during the 2nd quarter. California State Teachers Retirement System now owns 5,427,287 shares of the company's stock worth $308,324,000 after purchasing an additional 5,322,155 shares during the period. denkapparat Operations GmbH purchased a new stake in Travere Therapeutics during the second quarter worth $377,000. Nykredit A S acquired a new stake in Travere Therapeutics in the second quarter valued at $237,000. Coppell Advisory Solutions LLC acquired a new stake in Travere Therapeutics in the second quarter valued at $699,000. Finally, Penn Capital Management Company LLC increased its position in shares of Travere Therapeutics by 18.1% in the second quarter. Penn Capital Management Company LLC now owns 14,968 shares of the company's stock valued at $850,000 after buying an additional 2,292 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts have recently commented on TVTX shares. Evercore set a $78.00 price target on shares of Travere Therapeutics in a research report on Monday, August 10th. Wedbush upped their target price on Travere Therapeutics from $61.00 to $75.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. TD Cowen increased their target price on Travere Therapeutics from $60.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Canaccord Genuity Group raised their price target on Travere Therapeutics from $62.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, HC Wainwright boosted their price target on Travere Therapeutics from $57.00 to $67.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $68.00.

Insiders Place Their Bets

In other Travere Therapeutics news, Director Jeffrey Meckler sold 20,000 shares of the stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $67.31, for a total transaction of $1,346,200.00. Following the sale, the director directly owned 91,500 shares of the company's stock, valued at approximately $6,158,865. This represents a 17.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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.

Travere Therapeutics Trading Down 2.0%

NASDAQ:TVTX opened at $66.17 on Friday. The business's 50-day moving average is $61.14 and its two-hundred day moving average is $47.42. The firm has a market capitalization of $6.24 billion, a PE ratio of -143.84 and a beta of 1.05. Travere Therapeutics, Inc. has a 12 month low of $22.06 and a 12 month high of $68.73. The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99.

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

Travere Therapeutics Company Profile

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.

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