Renaissance Technologies LLC Sells 280,000 Shares of Travere Therapeutics, Inc. $TVTX

Renaissance Technologies LLC cut its holdings in Travere Therapeutics, Inc. (NASDAQ:TVTX) by 12.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,966,779 shares of the company’s stock after selling 280,000 shares during the quarter. Renaissance Technologies LLC owned approximately 2.12% of Travere Therapeutics worth $58,433,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Raymond James Financial Inc. bought a new position in shares of Travere Therapeutics in the second quarter worth about $33,000. Fifth Third Bancorp acquired a new stake in shares of Travere Therapeutics in the 1st quarter valued at approximately $35,000. State of Wyoming bought a new stake in shares of Travere Therapeutics during the 4th quarter valued at approximately $37,000. Torren Management LLC acquired a new position in Travere Therapeutics during the 4th quarter worth approximately $38,000. Finally, Comerica Bank lifted its stake in Travere Therapeutics by 77.5% in the 4th quarter. Comerica Bank now owns 1,127 shares of the company’s stock valued at $43,000 after purchasing an additional 492 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TVTX shares. Weiss Ratings cut shares of Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 23rd. TD Cowen raised their price objective on Travere Therapeutics from $45.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Citigroup boosted their price objective on Travere Therapeutics from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Guggenheim increased their target price on Travere Therapeutics from $56.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, Canaccord Genuity Group lifted their price target 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 issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.08.

Travere Therapeutics Stock Performance

NASDAQ TVTX opened at $57.36 on Monday. The business has a 50 day simple moving average of $52.29 and a 200 day simple moving average of $39.54. Travere Therapeutics, Inc. has a one year low of $15.03 and a one year high of $60.10. The stock has a market capitalization of $5.33 billion, a P/E ratio of -249.38 and a beta of 1.10. The company has a debt-to-equity ratio of 3.16, a current ratio of 3.13 and a quick ratio of 3.08.

Travere Therapeutics (NASDAQ:TVTX) last issued its earnings results on Monday, May 4th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.29. The business 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 revenue for the quarter was up 55.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.47) earnings per share. Research analysts expect that Travere Therapeutics, Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other Travere Therapeutics news, Director Roy D. Baynes sold 4,500 shares of Travere Therapeutics stock in a transaction on 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 sale, the director directly owned 41,500 shares of the company’s stock, valued at approximately $2,075,000. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth E. Reed sold 2,076 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $43.95, for a total transaction of $91,240.20. Following the transaction, the insider directly owned 105,211 shares in the company, valued at $4,624,023.45. This trade represents a 1.93% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders have sold a total of 113,413 shares of company stock worth $5,161,607 over the last ninety days. 4.44% of the stock is owned by company insiders.

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.