Perceptive Advisors LLC Sells 135,629 Shares of Travere Therapeutics, Inc. $TVTX

Perceptive Advisors LLC lowered its holdings in Travere Therapeutics, Inc. (NASDAQ:TVTX) by 3.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,142,551 shares of the company’s stock after selling 135,629 shares during the quarter. Travere Therapeutics makes up about 2.4% of Perceptive Advisors LLC’s investment portfolio, making the stock its 12th largest holding. Perceptive Advisors LLC’s holdings in Travere Therapeutics were worth $123,075,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. State Street Corp increased its stake in shares of Travere Therapeutics by 47.8% during the fourth quarter. State Street Corp now owns 4,756,666 shares of the company’s stock valued at $181,752,000 after buying an additional 1,538,827 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake 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 acquiring an additional 599,102 shares during the period. Renaissance Technologies LLC lifted its stake in Travere Therapeutics by 28.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company’s stock worth $85,849,000 after acquiring an additional 494,665 shares during the period. Rock Springs Capital Management LP boosted its holdings in Travere Therapeutics by 2.1% in the fourth quarter. Rock Springs Capital Management LP now owns 2,210,322 shares of the company’s stock valued at $84,456,000 after acquiring an additional 45,549 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Travere Therapeutics by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 2,143,495 shares of the company’s stock valued at $81,915,000 after acquiring an additional 5,465 shares in the last quarter.

Insider Activity at Travere Therapeutics

In related news, CEO Eric M. Dube sold 22,500 shares of Travere Therapeutics stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total transaction of $988,875.00. Following the completion of the transaction, the chief executive officer directly owned 432,886 shares of the company’s stock, valued at $19,025,339.70. This trade represents a 4.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth E. Reed sold 20,000 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $45.00, for a total transaction of $900,000.00. Following the completion of the sale, the insider owned 105,211 shares in the company, valued at approximately $4,734,495. This trade represents a 15.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 103,663 shares of company stock worth $4,730,462 over the last 90 days. 4.44% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on TVTX. Wedbush upped their price objective on shares of Travere Therapeutics from $55.00 to $61.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Piper Sandler raised shares of Travere Therapeutics from a “neutral” rating to an “overweight” rating and set a $49.00 target price on the stock in a research note on Tuesday, April 14th. TD Cowen boosted their price target on shares of Travere Therapeutics from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. HC Wainwright increased their price target 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. Finally, Wall Street Zen lowered shares of Travere Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.58.

Travere Therapeutics Price Performance

Shares of TVTX stock opened at $55.89 on Friday. The business’s fifty day moving average is $53.56 and its 200 day moving average is $40.24. The company has a quick ratio of 3.08, a current ratio of 3.13 and a debt-to-equity ratio of 3.16. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of -242.99 and a beta of 1.10. Travere Therapeutics, Inc. has a twelve month low of $15.03 and a twelve month high of $60.10.

Travere Therapeutics (NASDAQ:TVTX) last announced its earnings results on Monday, May 4th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.29. The firm had revenue of $127.20 million for the quarter, compared to analysts’ expectations of $136.23 million. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. The company’s quarterly revenue was up 55.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.47) EPS. Research analysts expect that Travere Therapeutics, Inc. will post -0.56 EPS for the current fiscal year.

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.