Essex Investment Management Co. LLC Invests $3.87 Million in Travere Therapeutics, Inc. $TVTX

Essex Investment Management Co. LLC bought a new stake in Travere Therapeutics, Inc. (NASDAQ:TVTX) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 161,988 shares of the company’s stock, valued at approximately $3,872,000.

A number of other institutional investors and hedge funds also recently modified their holdings of TVTX. Adage Capital Partners GP L.L.C. boosted its position in Travere Therapeutics by 27.4% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,784,000 shares of the company’s stock worth $41,203,000 after purchasing an additional 599,102 shares during the last quarter. Emerald Advisers LLC raised its stake in shares of Travere Therapeutics by 2.6% during the 3rd quarter. Emerald Advisers LLC now owns 2,146,767 shares of the company’s stock worth $51,308,000 after purchasing an additional 55,407 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Travere Therapeutics by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,003,701 shares of the company’s stock worth $29,658,000 after buying an additional 27,040 shares during the last quarter. Stephens Investment Management Group LLC purchased a new position in shares of Travere Therapeutics in the 3rd quarter worth about $38,232,000. Finally, Emerald Mutual Fund Advisers Trust grew its position in Travere Therapeutics by 5.2% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 1,200,942 shares of the company’s stock valued at $28,703,000 after buying an additional 59,514 shares during the period.

Insider Activity

In related news, insider Jula Inrig sold 1,779 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $32.21, for a total transaction of $57,301.59. Following the sale, the insider directly owned 105,706 shares in the company, valued at approximately $3,404,790.26. The trade was a 1.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Elizabeth E. Reed sold 2,994 shares of the stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $32.18, for a total value of $96,346.92. Following the sale, the insider directly owned 105,211 shares in the company, valued at $3,385,689.98. This trade represents a 2.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 331,925 shares of company stock valued at $11,318,755. 4.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TVTX has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Travere Therapeutics in a research report on Wednesday, January 21st. HC Wainwright restated a “buy” rating and set a $47.00 price target on shares of Travere Therapeutics in a research note on Friday, November 28th. TD Cowen reiterated a “buy” rating on shares of Travere Therapeutics in a research note on Friday, October 31st. Zacks Research lowered Travere Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Finally, Piper Sandler raised their target price on Travere Therapeutics from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday. Twelve equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Travere Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $39.07.

Travere Therapeutics Stock Performance

Shares of TVTX stock opened at $30.07 on Tuesday. The firm’s 50 day moving average is $33.66 and its 200 day moving average is $28.16. The stock has a market capitalization of $2.69 billion, a P/E ratio of -28.37, a PEG ratio of 0.82 and a beta of 0.83. Travere Therapeutics, Inc. has a 12 month low of $12.91 and a 12 month high of $42.13. The company has a current ratio of 2.75, a quick ratio of 2.71 and a debt-to-equity ratio of 4.23.

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.