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

Travere Therapeutics, Inc. (NASDAQ:TVTX) CEO Eric Dube sold 243,735 shares of the stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $53.82, for a total transaction of $13,117,817.70. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Travere Therapeutics Price Performance

NASDAQ:TVTX opened at $52.58 on Thursday. Travere Therapeutics, Inc. has a 52-week low of $22.59 and a 52-week high of $68.73. The company has a market cap of $4.96 billion, a P/E ratio of -114.30 and a beta of 1.13. The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05. The stock’s 50-day simple moving average is $60.89 and its 200 day simple moving average is $53.23.

Travere Therapeutics (NASDAQ:TVTX) last issued its quarterly 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 firm had revenue of $169.58 million during the quarter, compared to analysts’ expectations of $157.27 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The business’s quarterly revenue was up 48.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Travere Therapeutics, Inc. will post -0.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its holdings in Travere Therapeutics by 53.4% during the 2nd quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock valued at $34,000 after purchasing an additional 211 shares during the last quarter. Fifth Third Bancorp bought a new position in Travere Therapeutics during the first quarter worth $35,000. Allworth Financial LP bought a new position in Travere Therapeutics during the second quarter worth $47,000. Integrated Wealth Concepts LLC acquired a new position in shares of Travere Therapeutics in the second quarter valued at $70,000. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Travere Therapeutics by 1,604.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,642 shares of the company’s stock valued at $101,000 after purchasing an additional 2,487 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TVTX. Evercore set a $78.00 price target on shares of Travere Therapeutics in a research report on Monday, August 10th. Canaccord Genuity Group lifted their price objective 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. Guggenheim lifted their price objective on shares of Travere Therapeutics from $75.00 to $89.00 and gave the company a “buy” rating in a research report on Thursday, September 24th. HC Wainwright restated a “buy” rating and set a $67.00 price objective on shares of Travere Therapeutics in a research note on Tuesday, September 22nd. Finally, Citigroup upped their target price on shares of Travere Therapeutics from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.

Travere Therapeutics Company Profile

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.