Travere Therapeutics (NASDAQ:TVTX) Stock Price Down 4% Following Insider Selling

Travere Therapeutics, Inc. (NASDAQ:TVTX) shares dropped 4% during trading on Tuesday following insider selling activity. The stock traded as low as $37.63 and last traded at $37.31. Approximately 655,165 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 1,803,260 shares. The stock had previously closed at $38.88.

Specifically, insider Peter Heerma sold 4,980 shares of the business’s stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $40.00, for a total transaction of $199,200.00. Following the sale, the insider owned 113,013 shares in the company, valued at $4,520,520. The trade was a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Sandra Calvin sold 7,402 shares of the stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $40.00, for a total value of $296,080.00. Following the completion of the transaction, the chief accounting officer owned 38,233 shares of the company’s stock, valued at $1,529,320. This represents a 16.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other news, insider Jula Inrig sold 15,000 shares of the business’s stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $42.00, for a total transaction of $630,000.00. Following the sale, the insider directly owned 88,787 shares in the company, valued at approximately $3,729,054. The trade was a 14.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

TVTX has been the topic of a number of research reports. Zacks Research lowered shares of Travere Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Cowen reiterated a “buy” rating on shares of Travere Therapeutics in a report on Friday, October 31st. Wells Fargo & Company boosted their price objective on shares of Travere Therapeutics from $27.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, September 11th. HC Wainwright reaffirmed a “buy” rating and set a $47.00 target price on shares of Travere Therapeutics in a research report on Friday, November 28th. Finally, Citigroup upped their price target on Travere Therapeutics from $34.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.71.

Travere Therapeutics Stock Down 3.6%

The firm has a market cap of $3.35 billion, a price-to-earnings ratio of -35.36 and a beta of 0.89. The firm has a 50 day moving average of $34.36 and a 200 day moving average of $24.61. The company has a quick ratio of 2.71, a current ratio of 2.75 and a debt-to-equity ratio of 4.23.

Travere Therapeutics (NASDAQ:TVTX) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.59. The firm had revenue of $164.86 million for the quarter, compared to analysts’ expectations of $106.09 million. Travere Therapeutics had a negative return on equity of 178.68% and a negative net margin of 20.32%.The company’s revenue for the quarter was up 162.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.70) EPS. As a group, sell-side analysts predict that Travere Therapeutics, Inc. will post -1.4 earnings per share for the current year.

Hedge Funds Weigh In On Travere Therapeutics

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Travere Therapeutics by 10.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,613,368 shares of the company’s stock valued at $158,059,000 after buying an additional 619,085 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings 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 in the last quarter. Emerald Advisers LLC boosted its holdings in Travere Therapeutics by 2.6% in the third quarter. Emerald Advisers LLC now owns 2,146,767 shares of the company’s stock worth $51,308,000 after acquiring an additional 55,407 shares in the last quarter. Geode Capital Management LLC grew its stake in Travere Therapeutics by 1.4% in the second quarter. Geode Capital Management LLC now owns 2,003,701 shares of the company’s stock valued at $29,658,000 after acquiring an additional 27,040 shares during the period. Finally, Stephens Investment Management Group LLC bought a new stake in shares of Travere Therapeutics during the third quarter valued at approximately $38,232,000.

Travere Therapeutics Company 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.