167,525 Shares in Travere Therapeutics, Inc. $TVTX Acquired by Palo Alto Investors LP

Palo Alto Investors LP purchased a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 167,525 shares of the company’s stock, valued at approximately $9,517,095. Travere Therapeutics accounts for approximately 0.0% of Palo Alto Investors LP’s investment portfolio, making the stock its 23rd largest holding. Palo Alto Investors LP owned approximately 0.18% of Travere Therapeutics at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Jupiter Topco LLC bought a new position in shares of Travere Therapeutics in the 2nd quarter valued at about $643,299,000. Bank of America Corp DE purchased a new position in shares of Travere Therapeutics in the 2nd quarter valued at approximately $259,527,000. State Street Corp increased its position in shares of Travere Therapeutics by 47.8% during the 4th quarter. State Street Corp now owns 4,756,666 shares of the company’s stock valued at $181,752,000 after purchasing an additional 1,538,827 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Travere Therapeutics by 3,331.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company’s stock valued at $28,715,000 after buying an additional 1,166,460 shares in the last quarter. Finally, Fiera Capital Corp bought a new stake in shares of Travere Therapeutics in the 4th quarter valued at about $33,398,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Travere Therapeutics from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. TD Cowen boosted their target price on Travere Therapeutics from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. HC Wainwright increased their price target on Travere Therapeutics from $57.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Guggenheim upped their target price on Travere Therapeutics from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Finally, Evercore set a $78.00 price target on Travere Therapeutics in a research note on Monday, August 10th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.67.

Travere Therapeutics Stock Down 2.7%

Shares of NASDAQ TVTX traded down $1.85 during mid-day trading on Friday, reaching $65.67. 808,213 shares of the company traded hands, compared to its average volume of 2,056,607. 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 market cap of $6.19 billion, a PE ratio of -142.76 and a beta of 1.12. Travere Therapeutics, Inc. has a fifty-two week low of $17.27 and a fifty-two week high of $67.85. The company’s fifty day moving average is $59.13 and its two-hundred day moving average is $44.70.

Travere Therapeutics (NASDAQ:TVTX) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.03. The firm had revenue of $169.58 million for the quarter, compared to analysts’ expectations of $157.27 million. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The business’s revenue was up 48.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.13 EPS. On average, analysts expect that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current year.

Insiders Place Their Bets

In other Travere Therapeutics news, Director Timothy Coughlin sold 10,000 shares of the business’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 transaction of $500,700.00. Following the sale, the director owned 56,250 shares of the company’s stock, valued at approximately $2,816,437.50. The trade was a 15.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 4,500 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $50.00, for a total value 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 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. Company insiders own 4.44% of the company’s stock.

Travere Therapeutics Profile

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.