Palo Alto Investors LP Invests $9.52 Billion in Travere Therapeutics, Inc. $TVTX

Palo Alto Investors LP purchased a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 167,525 shares of the company’s stock, valued at approximately $9,517,095,000. Travere Therapeutics makes up approximately 1.3% of Palo Alto Investors LP’s holdings, making the stock its 23rd biggest holding.

Other hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Travere Therapeutics by 13.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company’s stock worth $1,029,000 after acquiring an additional 6,831 shares during the period. Norges Bank purchased a new position in Travere Therapeutics during the 2nd quarter valued at about $1,051,000. First Trust Advisors LP acquired a new position in shares of Travere Therapeutics in the 2nd quarter valued at about $3,538,000. Cresset Asset Management LLC increased its holdings in shares of Travere Therapeutics by 26.5% in the 2nd quarter. Cresset Asset Management LLC now owns 28,875 shares of the company’s stock valued at $427,000 after purchasing an additional 6,047 shares during the period. Finally, Qube Research & Technologies Ltd lifted its position in shares of Travere Therapeutics by 106.2% in the second quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company’s stock worth $8,941,000 after purchasing an additional 311,137 shares in the last quarter.

Travere Therapeutics Trading Up 0.6%

Shares of NASDAQ:TVTX opened at $67.52 on Friday. The stock has a market capitalization of $6.36 billion, a PE ratio of -146.78 and a beta of 1.12. Travere Therapeutics, Inc. has a 1 year low of $17.27 and a 1 year high of $67.85. The firm has a fifty day moving average price of $59.13 and a 200 day moving average price of $44.70. The company has a current ratio of 4.05, a quick ratio of 3.99 and a debt-to-equity ratio of 24.58.

Travere Therapeutics (NASDAQ:TVTX) last posted its earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $157.27 million. During the same period in the prior year, the business posted $0.13 earnings per share. The business’s quarterly revenue was up 48.2% on a year-over-year basis. Analysts expect that Travere Therapeutics, Inc. will post -0.56 EPS for the current fiscal year.

Insider Transactions at Travere Therapeutics

In other news, Director Roy D. Baynes sold 4,500 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.00, for a total transaction of $225,000.00. Following the transaction, the director owned 41,500 shares of the company’s stock, valued at approximately $2,075,000. This represents a 9.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.07, for a total value of $500,700.00. Following the completion of the transaction, the director directly owned 56,250 shares in the company, valued at $2,816,437.50. The trade was a 15.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 4.44% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on TVTX shares. Canaccord Genuity Group raised their price target on shares of Travere Therapeutics from $62.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Weiss Ratings lowered shares of Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 23rd. Citigroup increased their target price on shares of Travere Therapeutics from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Wedbush lifted their target price on shares of Travere Therapeutics from $61.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Finally, Evercore set a $78.00 price objective on Travere Therapeutics in a report on Monday, August 10th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.67.

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.