Travere Therapeutics (NASDAQ:TVTX) Director Jeffrey Meckler Sells 20,000 Shares of Stock

Travere Therapeutics, Inc. (NASDAQ:TVTX) Director Jeffrey Meckler sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $67.31, for a total transaction of $1,346,200.00. Following the completion of the sale, the director owned 91,500 shares in the company, valued at approximately $6,158,865. This trade represents a 17.94% decrease in their position. 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.

Travere Therapeutics Stock Down 2.0%

TVTX stock traded down $1.36 on Friday, reaching $66.15. 1,149,753 shares of the company traded hands, compared to its average volume of 2,016,455. The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The firm has a fifty day simple moving average of $60.96 and a 200-day simple moving average of $47.29. Travere Therapeutics, Inc. has a one year low of $22.06 and a one year high of $68.73. The company has a market cap of $6.24 billion, a P/E ratio of -143.80 and a beta of 1.05.

Travere Therapeutics (NASDAQ:TVTX) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.03. The company had revenue of $169.58 million for 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%. Travere Therapeutics’s revenue for the quarter was up 48.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.13 EPS. Research analysts anticipate that Travere Therapeutics, Inc. will post -0.54 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have commented on the company. Weiss Ratings lowered Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 23rd. Evercore set a $78.00 price target on Travere Therapeutics in a report on Monday, August 10th. Wedbush increased their price objective on Travere Therapeutics from $61.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. TD Cowen lifted their price objective on Travere Therapeutics from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Finally, Wells Fargo & Company boosted their target price on Travere Therapeutics from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $64.09.

Institutional Investors Weigh In On Travere Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Jupiter Topco LLC purchased a new stake in Travere Therapeutics during the second quarter valued at approximately $643,299,000. California State Teachers Retirement System lifted its position in Travere Therapeutics by 5,062.4% during the second quarter. California State Teachers Retirement System now owns 5,427,287 shares of the company’s stock valued at $308,324,000 after purchasing an additional 5,322,155 shares in the last quarter. Bank of America Corp DE purchased a new stake in Travere Therapeutics in the second quarter worth about $259,527,000. State Street Corp raised its stake in shares of Travere Therapeutics by 47.8% in the fourth quarter. State Street Corp now owns 4,756,666 shares of the company’s stock worth $181,752,000 after buying an additional 1,538,827 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Travere Therapeutics by 3,331.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company’s stock valued at $28,715,000 after buying an additional 1,166,460 shares in the last quarter.

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.