Investors Buy Large Volume of Call Options on Travere Therapeutics (NASDAQ:TVTX)

Travere Therapeutics, Inc. (NASDAQ:TVTX) saw some unusual options trading on Monday. Investors bought 21,305 call options on the company. This represents an increase of approximately 552% compared to the typical volume of 3,269 call options.

Travere Therapeutics Stock Up 7.9%

Shares of NASDAQ TVTX traded up $2.27 during mid-day trading on Monday, reaching $31.23. The company had a trading volume of 1,075,395 shares, compared to its average volume of 1,926,771. Travere Therapeutics has a twelve month low of $13.88 and a twelve month high of $42.13. The company has a debt-to-equity ratio of 2.71, a quick ratio of 2.70 and a current ratio of 2.74. The stock has a market capitalization of $2.89 billion, a PE ratio of -104.33 and a beta of 0.86. The stock’s 50 day moving average is $29.24 and its 200-day moving average is $31.14.

Insider Activity at Travere Therapeutics

In other news, Director Roy D. Baynes sold 10,000 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $33.00, for a total transaction of $330,000.00. Following the completion of the sale, the director owned 37,500 shares in the company, valued at approximately $1,237,500. This represents a 21.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jula Inrig sold 1,779 shares of the stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $32.21, for a total value of $57,301.59. Following the sale, the insider owned 105,706 shares of the company’s stock, valued at $3,404,790.26. This trade represents a 1.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 312,067 shares of company stock worth $9,755,570. 4.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Travere Therapeutics

A number of hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 worth $1,029,000 after buying an additional 6,831 shares during the last quarter. Norges Bank acquired a new position in Travere Therapeutics during the second quarter worth $1,051,000. First Trust Advisors LP acquired a new position in Travere Therapeutics during the second quarter worth $3,538,000. Cresset Asset Management LLC increased its position in 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 last quarter. Finally, Qube Research & Technologies Ltd increased its position in Travere Therapeutics by 106.2% during the second quarter. Qube Research & Technologies Ltd now owns 604,128 shares of the company’s stock worth $8,941,000 after buying an additional 311,137 shares during the last quarter.

Analyst Upgrades and Downgrades

TVTX has been the subject of a number of research analyst reports. Guggenheim restated a “buy” rating and issued a $49.00 target price on shares of Travere Therapeutics in a report on Wednesday, January 14th. Piper Sandler increased their target price on Travere Therapeutics from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, February 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Travere Therapeutics in a report on Wednesday, January 21st. Wall Street Zen lowered Travere Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 21st. Finally, JPMorgan Chase & Co. reduced their target price on Travere Therapeutics from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.27.

About Travere Therapeutics

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.