Travere Therapeutics, Inc. $TVTX is Rock Springs Capital Management LP’s 10th Largest Position

Rock Springs Capital Management LP cut its position in Travere Therapeutics, Inc. (NASDAQ:TVTX) by 33.1% in the first quarter, Holdings Channel reports. The firm owned 1,477,954 shares of the company’s stock after selling 732,368 shares during the period. Travere Therapeutics accounts for approximately 2.6% of Rock Springs Capital Management LP’s holdings, making the stock its 10th biggest position. Rock Springs Capital Management LP’s holdings in Travere Therapeutics were worth $43,910,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its position in Travere Therapeutics by 47.8% during 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. Wellington Management Group LLP boosted its holdings in shares of Travere Therapeutics by 3,331.9% in the third quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company’s stock valued at $28,715,000 after acquiring an additional 1,166,460 shares during the period. Fiera Capital Corp purchased a new position in shares of Travere Therapeutics during the fourth quarter worth approximately $33,398,000. Perceptive Advisors LLC purchased a new position in shares of Travere Therapeutics during the second quarter worth approximately $12,347,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Travere Therapeutics in the 2nd quarter valued at $10,348,000.

Travere Therapeutics Trading Down 1.2%

Shares of TVTX stock opened at $56.68 on Tuesday. The company has a market capitalization of $5.27 billion, a P/E ratio of -246.42 and a beta of 1.10. The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16. The business’s 50 day moving average is $52.56 and its two-hundred day moving average is $39.69. Travere Therapeutics, Inc. has a twelve month low of $15.03 and a twelve month high of $60.10.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings results on Monday, May 4th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.24) by $0.29. Travere Therapeutics had a negative return on equity of 26.16% and a negative net margin of 4.00%.The business had revenue of $127.20 million during the quarter, compared to analysts’ expectations of $136.23 million. During the same quarter in the prior year, the business earned ($0.47) earnings per share. The company’s quarterly revenue was up 55.6% compared to the same quarter last year. Equities analysts forecast that Travere Therapeutics, Inc. will post -0.31 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on TVTX. HC Wainwright upped their price target on shares of Travere Therapeutics from $57.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Canaccord Genuity Group raised their price objective on shares of Travere Therapeutics from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Wells Fargo & Company lifted their price objective on shares of Travere Therapeutics from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Wedbush upped their target price on shares of Travere Therapeutics from $55.00 to $61.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Finally, Weiss Ratings downgraded shares of Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 23rd. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.08.

Insider Buying and Selling

In other Travere Therapeutics news, Director Timothy Coughlin sold 10,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $50.07, for a total transaction of $500,700.00. Following the completion of the transaction, the director owned 56,250 shares in the company, valued at approximately $2,816,437.50. This represents a 15.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth E. Reed sold 20,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $4,734,495. This trade represents a 15.97% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 113,413 shares of company stock worth $5,161,607 in the last ninety days. Insiders own 4.44% of the company’s stock.

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.