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

Palo Alto Investors LP bought a new position in Travere Therapeutics, Inc. (NASDAQ:TVTX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 167,525 shares of the company’s stock, valued at approximately $9,517,095,000. Travere Therapeutics accounts for 1.3% of Palo Alto Investors LP’s holdings, making the stock its 23rd largest holding. Palo Alto Investors LP owned approximately 0.18% of Travere Therapeutics as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in Travere Therapeutics during the 2nd quarter valued at $33,000. GAMMA Investing LLC boosted its stake in shares of Travere Therapeutics by 53.4% during the 2nd quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock valued at $34,000 after buying an additional 211 shares during the last quarter. Fifth Third Bancorp bought a new position in Travere Therapeutics during the 1st quarter valued at $35,000. State of Wyoming acquired a new stake in shares of Travere Therapeutics in the 4th quarter valued at about $37,000. Finally, Torren Management LLC acquired a new position in Travere Therapeutics in the fourth quarter worth about $38,000.

Insider Activity

In other Travere Therapeutics news, Director Roy D. Baynes sold 4,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $50.00, for a total value of $225,000.00. Following the completion of the transaction, the director directly owned 41,500 shares in the company, valued at $2,075,000. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of Travere Therapeutics stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $50.07, for a total transaction of $500,700.00. Following the completion of the transaction, the director directly owned 56,250 shares in the company, valued at approximately $2,816,437.50. This trade represents a 15.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.44% of the stock is currently owned by insiders.

Travere Therapeutics Price Performance

Shares of Travere Therapeutics stock opened at $67.52 on Friday. The company’s 50-day moving average price is $59.13 and its two-hundred day moving average price is $44.70. The stock has a market cap of $6.36 billion, a PE ratio of -146.78 and a beta of 1.12. The company has a current ratio of 4.05, a quick ratio of 3.99 and a debt-to-equity ratio of 24.58. Travere Therapeutics, Inc. has a 52 week low of $17.27 and a 52 week high of $67.85.

Travere Therapeutics (NASDAQ:TVTX) last released its earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.03. The business had revenue of $169.58 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 48.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.13 earnings per share. As a group, sell-side analysts anticipate that Travere Therapeutics, Inc. will post -0.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Canaccord Genuity Group raised their price objective on Travere Therapeutics from $62.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Evercore set a $78.00 price objective on Travere Therapeutics in a research note on Monday, August 10th. HC Wainwright increased their price objective on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Wall Street Zen cut Travere Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Travere Therapeutics in a research report on Monday, August 17th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Travere Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $61.67.

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.