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

Travere Therapeutics, Inc. (NASDAQ:TVTX) Director Jeffrey Meckler sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $67.31, for a total transaction of $1,346,200.00. Following the completion of the transaction, the director directly owned 91,500 shares in the company, valued at approximately $6,158,865. The trade was a 17.94% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Travere Therapeutics Stock Performance

Shares of TVTX opened at $66.17 on Friday. 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 has a 50 day moving average price of $61.14 and a two-hundred day moving average price of $47.42. The firm has a market capitalization of $6.24 billion, a P/E ratio of -143.84 and a beta of 1.05. Travere Therapeutics, Inc. has a 52 week low of $22.06 and a 52 week high of $68.73.

Travere Therapeutics (NASDAQ:TVTX) last posted its earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.03. The company had revenue of $169.58 million for the quarter, compared to analyst estimates of $157.27 million. Travere Therapeutics had a negative return on equity of 55.15% and a negative net margin of 7.35%.The company’s revenue for the quarter was up 48.2% on a year-over-year basis. During the same quarter last year, the company earned $0.13 earnings per share. Equities analysts forecast that Travere Therapeutics, Inc. will post -0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Travere Therapeutics

Several large investors have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new position in Travere Therapeutics during the second quarter valued at about $33,000. GAMMA Investing LLC raised its position in Travere Therapeutics by 53.4% in the second quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock worth $34,000 after acquiring an additional 211 shares during the period. Fifth Third Bancorp bought a new stake in Travere Therapeutics in the first quarter worth about $35,000. State of Wyoming purchased a new position in Travere Therapeutics in the fourth quarter valued at about $37,000. Finally, Comerica Bank boosted its stake in Travere Therapeutics by 77.5% in the fourth quarter. Comerica Bank now owns 1,127 shares of the company’s stock valued at $43,000 after acquiring an additional 492 shares during the last quarter.

Analyst Upgrades and Downgrades

TVTX has been the subject of several recent analyst reports. HC Wainwright upped their target price on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Wedbush raised their price target on shares of Travere Therapeutics from $61.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Evercore set a $78.00 price target on shares of Travere Therapeutics in a report on Monday, August 10th. Canaccord Genuity Group boosted 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. Finally, Wells Fargo & Company upped their price objective on shares of 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, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.