The Manufacturers Life Insurance Company Makes New Investment in Travere Therapeutics, Inc. $TVTX

The Manufacturers Life Insurance Company bought a new position in Travere Therapeutics, Inc. (NASDAQ:TVTX) during the second quarter, HoldingsChannel.com reports. The fund bought 45,633 shares of the company’s stock, valued at approximately $2,592,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. S&CO Inc. purchased a new stake in Travere Therapeutics during the 2nd quarter valued at about $3,181,000. Stephens Investment Management Group LLC raised its holdings in Travere Therapeutics by 7.6% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,721,623 shares of the company’s stock worth $65,783,000 after buying an additional 121,955 shares during the last quarter. Profund Advisors LLC raised its holdings in Travere Therapeutics by 209.3% in the fourth quarter. Profund Advisors LLC now owns 62,604 shares of the company’s stock worth $2,392,000 after buying an additional 42,366 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new position in shares of Travere Therapeutics in the fourth quarter worth approximately $1,104,000. Finally, Quantinno Capital Management LP grew its holdings in shares of Travere Therapeutics by 354.4% during the first quarter. Quantinno Capital Management LP now owns 68,317 shares of the company’s stock valued at $2,030,000 after buying an additional 53,283 shares during the last quarter.

Travere Therapeutics Stock Up 2.3%

Shares of Travere Therapeutics stock opened at $67.23 on Thursday. Travere Therapeutics, Inc. has a twelve month low of $18.13 and a twelve month high of $67.85. The company has a quick ratio of 3.99, a current ratio of 4.05 and a debt-to-equity ratio of 24.58. The company’s 50 day moving average is $59.95 and its 200 day moving average is $45.71. The company has a market cap of $6.34 billion, a price-to-earnings ratio of -146.15 and a beta of 1.05.

Travere Therapeutics (NASDAQ:TVTX) last posted its earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. The business had revenue of $169.58 million during the quarter, compared to the consensus estimate of $157.27 million. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The firm’s revenue was up 48.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 EPS. Research analysts anticipate that Travere Therapeutics, Inc. will post -0.56 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TVTX shares. Canaccord Genuity Group raised their price target on shares of Travere Therapeutics from $62.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Citigroup upped their price objective on Travere Therapeutics from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Wedbush lifted their target price on Travere Therapeutics from $61.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Piper Sandler reaffirmed an “overweight” rating on shares of Travere Therapeutics in a research report on Monday, August 17th. Finally, HC Wainwright lifted their price objective 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, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.67.

Insider Buying and Selling at Travere Therapeutics

In other Travere Therapeutics news, Director Roy D. Baynes sold 4,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.00, for a total value of $225,000.00. Following the transaction, the director directly owned 41,500 shares of the company’s stock, valued at approximately $2,075,000. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $50.07, for a total value of $500,700.00. Following the sale, the director owned 56,250 shares of the company’s stock, valued at approximately $2,816,437.50. This represents a 15.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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.