Travere Therapeutics (NASDAQ:TVTX) Insider William Rote Sells 96,198 Shares

Key Points

• Insider sale: William Rote sold 96,198 Travere Therapeutics shares for approximately $5.99 million at an average price of $62.25, reducing his position by 49.49% to 98,197 shares. The transaction was conducted under a pre-arranged Rule 10b5-1 plan.
• Strong operating results: Travere reported quarterly revenue of $169.58 million, up 48.2% year over year and above analyst expectations, while its loss of $0.10 per share was narrower than forecast.
• Analyst outlook remains positive: Ten analysts rate TVTX a Buy, with a consensus “Moderate Buy” rating and an average price target of $68.00. Shares recently traded at $64.74, near their 52-week high of $68.73.

Travere Therapeutics, Inc. (NASDAQ:TVTX - Get Free Report) insider William Rote sold 96,198 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $62.25, for a total value of $5,988,325.50. Following the transaction, the insider directly owned 98,197 shares in the company, valued at $6,112,763.25. This trade represents a 49.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Travere Therapeutics Stock Performance

TVTX stock traded up $1.26 during trading hours on Thursday, reaching $64.74. The stock had a trading volume of 1,384,694 shares, compared to its average volume of 1,246,848. The stock has a 50-day simple moving average of $61.63 and a 200 day simple moving average of $48.50. Travere Therapeutics, Inc. has a fifty-two week low of $22.06 and a fifty-two week high of $68.73. The stock has a market capitalization of $6.10 billion, a PE ratio of -140.74 and a beta of 1.05. 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 posted its earnings results 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 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 analyst estimates of $157.27 million. During the same period in the previous year, the firm earned $0.13 EPS. The firm's revenue was up 48.2% compared to the same quarter last year. Analysts predict that Travere Therapeutics, Inc. will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Travere Therapeutics

A number of institutional investors have recently added to or reduced their stakes in TVTX. Integrated Wealth Concepts LLC bought a new position in shares of Travere Therapeutics in the 2nd quarter valued at $70,000. JW Asset Management LLC acquired a new position in Travere Therapeutics in the 2nd quarter worth about $1,704,000. Nykredit A S acquired a new position in Travere Therapeutics in the 2nd quarter worth about $237,000. Allianz Asset Management GmbH bought a new position in Travere Therapeutics in the second quarter valued at about $2,441,000. Finally, Corient Private Wealth LP boosted its stake in shares of Travere Therapeutics by 1.4% during the second quarter. Corient Private Wealth LP now owns 48,125 shares of the company's stock valued at $2,734,000 after purchasing an additional 648 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TVTX. TD Cowen boosted their price target on Travere Therapeutics from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Wells Fargo & Company raised their price objective on Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. Canaccord Genuity Group upped 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. Piper Sandler reissued an "overweight" rating on shares of Travere Therapeutics in a report on Monday, August 17th. Finally, HC Wainwright raised their price target on Travere Therapeutics from $57.00 to $67.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Travere Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $68.00.

About Travere Therapeutics

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.

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.