Jennison Associates LLC Sells 828,015 Shares of Travere Therapeutics, Inc. $TVTX

Jennison Associates LLC cut its position in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) by 76.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 256,335 shares of the company’s stock after selling 828,015 shares during the period. Jennison Associates LLC’s holdings in Travere Therapeutics were worth $9,795,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TVTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Travere Therapeutics by 13.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company’s stock valued at $1,029,000 after buying an additional 6,831 shares during the last quarter. Norges Bank bought a new position in Travere Therapeutics during the second quarter valued at approximately $1,051,000. First Trust Advisors LP bought a new position in Travere Therapeutics during the second quarter valued at approximately $3,538,000. Cresset Asset Management LLC boosted its stake in Travere Therapeutics by 26.5% during the second quarter. Cresset Asset Management LLC now owns 28,875 shares of the company’s stock valued at $427,000 after buying an additional 6,047 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in Travere Therapeutics by 106.2% during the second quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company’s stock valued at $8,941,000 after buying an additional 311,137 shares during the last quarter.

Travere Therapeutics Price Performance

NASDAQ:TVTX opened at $44.12 on Friday. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of -147.06 and a beta of 1.13. Travere Therapeutics, Inc. has a 1 year low of $13.88 and a 1 year high of $44.70. The business has a 50 day simple moving average of $32.02 and a 200-day simple moving average of $32.54. The company has a debt-to-equity ratio of 2.71, a current ratio of 2.74 and a quick ratio of 2.70.

Insiders Place Their Bets

In other news, CFO Christopher R. Cline sold 1,014 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $42.61, for a total value of $43,206.54. Following the sale, the chief financial officer directly owned 116,899 shares in the company, valued at approximately $4,981,066.39. This represents a 0.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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. Also, insider William E. Rote sold 9,100 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $39.09, for a total value of $355,719.00. Following the completion of the sale, the insider owned 113,987 shares in the company, valued at approximately $4,455,751.83. The trade was a 7.39% 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. Over the last three months, insiders sold 453,169 shares of company stock worth $16,369,723. 4.44% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TVTX shares. JPMorgan Chase & Co. lowered their price objective on Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. HC Wainwright reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Travere Therapeutics in a research note on Tuesday, April 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Travere Therapeutics in a research note on Wednesday, January 21st. Guggenheim raised their price objective on Travere Therapeutics from $54.00 to $56.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Finally, Canaccord Genuity Group raised their price objective on Travere Therapeutics from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.67.

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.