Insider Selling: Travere Therapeutics (NASDAQ:TVTX) CEO Sells $13,117,817.70 in Stock

Key Points

• CEO Eric Dube sold 243,735 Travere Therapeutics shares at an average price of $53.82, generating $13.12 million. The Rule 10b5-1 transaction reduced his ownership by 36.02%, leaving him with 432,886 shares.
• Travere’s stock recently traded at $50.49, with a $4.76 billion market capitalization and a 52-week range of $22.59 to $68.73. The company reported stronger-than-expected quarterly revenue of $169.58 million, up 48.2% year over year, while remaining unprofitable.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $69.50 price target. Several institutions increased or initiated positions, including Jupiter Topco, Bank of America, Assenagon Asset Management, and Wellington Management.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) CEO Eric Dube sold 243,735 shares of Travere Therapeutics stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $53.82, for a total transaction of $13,117,817.70. Following the sale, the chief executive officer owned 432,886 shares of the company's stock, valued at approximately $23,297,924.52. This represents a 36.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Travere Therapeutics Trading Up 1.8%

Shares of Travere Therapeutics stock traded up $0.89 on Monday, reaching $50.49. The company had a trading volume of 1,296,193 shares, compared to its average volume of 1,999,176. The firm's 50 day moving average price is $61.45 and its two-hundred day moving average price is $52.78. The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05. Travere Therapeutics, Inc. has a 52-week low of $22.59 and a 52-week high of $68.73. The firm has a market cap of $4.76 billion, a PE ratio of -109.76 and a beta of 1.13.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TVTX. Jupiter Topco LLC purchased a new position in Travere Therapeutics in the second quarter worth $643,299,000. Bank of America Corp DE acquired a new stake in Travere Therapeutics in the second quarter valued at $259,527,000. Assenagon Asset Management S.A. boosted its position in shares of Travere Therapeutics by 168.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,145,414 shares of the company's stock worth $67,442,000 after purchasing an additional 718,109 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Travere Therapeutics by 50.0% during the 2nd quarter. Wellington Management Group LLP now owns 1,533,080 shares of the company's stock worth $87,094,000 after purchasing an additional 510,808 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Travere Therapeutics during the 2nd quarter worth $26,723,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Evercore set a $78.00 price objective on Travere Therapeutics in a research note on Monday, August 10th. HC Wainwright reiterated a "buy" rating and issued a $67.00 price objective on shares of Travere Therapeutics in a report on Tuesday, September 22nd. TD Cowen increased their target price on Travere Therapeutics from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Guggenheim raised their target price on Travere Therapeutics from $75.00 to $89.00 and gave the company a "buy" rating in a report on Thursday, September 24th. Finally, Canaccord Genuity Group lifted their target price on Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.50.

About Travere Therapeutics

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare diseases, with an emphasis on serious kidney conditions. The company's work centers on addressing diseases with limited treatment options and improving outcomes for patients with progressive renal disorders.

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

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