Walleye Capital LLC Reduces Holdings in Travere Therapeutics, Inc. $TVTX

Key Points

• Walleye Capital LLC has decreased its holdings in Travere Therapeutics by 37% in Q1, now owning 269,138 shares valued at approximately $4.8 million after selling 158,092 shares.
• Travere Therapeutics reported a significant increase in quarterly revenue of 111.5% year-over-year, with earnings per share of ($0.14), beating expectations.
• Analysts have a consensus rating of "Moderate Buy" on Travere Therapeutics, with an average target price of $32.21, while several firms have recently adjusted their price targets upward.

Walleye Capital LLC trimmed its stake in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 37.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 269,138 shares of the company's stock after selling 158,092 shares during the period. Walleye Capital LLC owned approximately 0.30% of Travere Therapeutics worth $4,823,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Driehaus Capital Management LLC grew its position in Travere Therapeutics by 608.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,217,975 shares of the company's stock worth $38,637,000 after purchasing an additional 1,904,733 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in Travere Therapeutics by 36.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,174,213 shares of the company's stock worth $37,875,000 after purchasing an additional 583,836 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Travere Therapeutics during the 4th quarter worth $21,075,000. Nuveen LLC purchased a new position in Travere Therapeutics during the 1st quarter worth $21,569,000. Finally, RA Capital Management L.P. purchased a new position in Travere Therapeutics during the 4th quarter worth $20,033,000.

Analyst Ratings Changes

Several brokerages have recently weighed in on TVTX. Citigroup reaffirmed a "buy" rating on shares of Travere Therapeutics in a report on Sunday, August 10th. Wall Street Zen downgraded shares of Travere Therapeutics from a "buy" rating to a "hold" rating in a research report on Sunday, August 24th. Stifel Nicolaus raised their price objective on shares of Travere Therapeutics from $22.00 to $23.00 and gave the company a "hold" rating in a research report on Friday, May 2nd. Wedbush raised their price objective on shares of Travere Therapeutics from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Scotiabank restated an "outperform" rating on shares of Travere Therapeutics in a research report on Thursday, August 7th. Thirteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Travere Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $33.43.

Travere Therapeutics Price Performance

TVTX stock traded down $0.20 during trading on Friday, reaching $17.50. 1,961,642 shares of the company were exchanged, compared to its average volume of 1,689,716. The company has a market cap of $1.56 billion, a P/E ratio of -8.58 and a beta of 0.74. Travere Therapeutics, Inc. has a 52-week low of $8.98 and a 52-week high of $25.29. The stock's 50 day moving average price is $16.36 and its 200 day moving average price is $17.47. The company has a debt-to-equity ratio of 9.50, a quick ratio of 1.98 and a current ratio of 2.00.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.14. The firm had revenue of $94.84 million for the quarter, compared to the consensus estimate of $100.18 million. Travere Therapeutics had a negative net margin of 50.64% and a negative return on equity of 717.68%. The firm's revenue was up 111.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.65) earnings per share. As a group, analysts predict that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current fiscal year.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc, a biopharmaceutical company, identifies, develops, and delivers therapies to people living with rare kidney and metabolic diseases. Its products include FILSPARI (sparsentan), a once-daily, oral medication designed to target two critical pathways in the disease progression of IgA Nephropathy (endothelin 1 and angiotensin-II); and Thiola and Thiola EC (tiopronin tablets) for the treatment of cystinuria, a rare genetic cystine transport disorder that causes high cystine levels in the urine and the formation of recurring kidney stones.