Rock Springs Capital Management LP Sells 732,368 Shares of Travere Therapeutics, Inc. $TVTX

Rock Springs Capital Management LP cut its stake in Travere Therapeutics, Inc. (NASDAQ:TVTX) by 33.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,477,954 shares of the company’s stock after selling 732,368 shares during the period. Travere Therapeutics comprises about 2.6% of Rock Springs Capital Management LP’s holdings, making the stock its 10th largest holding. Rock Springs Capital Management LP owned about 1.59% of Travere Therapeutics worth $43,910,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Travere Therapeutics by 13.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,777 shares of the company’s stock valued at $1,029,000 after purchasing an additional 6,831 shares in the last quarter. Norges Bank acquired a new position in shares of Travere Therapeutics during the second quarter worth about $1,051,000. First Trust Advisors LP purchased a new stake in shares of Travere Therapeutics during the second quarter worth approximately $3,538,000. Cresset Asset Management LLC increased its stake in shares of Travere Therapeutics by 26.5% during the second quarter. Cresset Asset Management LLC now owns 28,875 shares of the company’s stock worth $427,000 after buying an additional 6,047 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in Travere Therapeutics by 106.2% in the second quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company’s stock valued at $8,941,000 after acquiring an additional 311,137 shares in the last quarter.

Insider Buying and Selling at Travere Therapeutics

In related news, insider William E. Rote sold 2,763 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total value of $121,433.85. Following the transaction, the insider directly owned 115,474 shares of the company’s stock, valued at $5,075,082.30. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric M. Dube sold 22,500 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $43.95, for a total transaction of $988,875.00. Following the completion of the transaction, the chief executive officer directly owned 432,886 shares in the company, valued at $19,025,339.70. This trade represents a 4.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 113,413 shares of company stock worth $5,161,607. 4.44% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Travere Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Guggenheim increased their price objective on shares of Travere Therapeutics from $56.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. TD Cowen raised their price objective on shares of Travere Therapeutics from $45.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Wedbush lifted their price objective on shares of Travere Therapeutics from $55.00 to $61.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Finally, HC Wainwright boosted their target price on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Travere Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.08.

Travere Therapeutics Price Performance

Shares of NASDAQ TVTX opened at $56.68 on Tuesday. The stock’s 50-day simple moving average is $52.56 and its 200-day simple moving average is $39.69. The firm has a market capitalization of $5.27 billion, a PE ratio of -246.42 and a beta of 1.10. Travere Therapeutics, Inc. has a fifty-two week low of $15.03 and a fifty-two week high of $60.10. The company has a debt-to-equity ratio of 3.16, a quick ratio of 3.08 and a current ratio of 3.13.

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

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.