Connor Clark & Lunn Investment Management Ltd. Reduces Position in Travere Therapeutics, Inc. (NASDAQ:TVTX)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 18.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 426,726 shares of the company's stock after selling 98,655 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.55% of Travere Therapeutics worth $7,434,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. R Squared Ltd purchased a new stake in shares of Travere Therapeutics in the fourth quarter worth $53,000. Quarry LP bought a new position in shares of Travere Therapeutics during the third quarter worth $105,000. Aigen Investment Management LP bought a new position in shares of Travere Therapeutics during the third quarter worth $170,000. Victory Capital Management Inc. bought a new position in shares of Travere Therapeutics during the fourth quarter worth $182,000. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of Travere Therapeutics during the fourth quarter worth $192,000.

Travere Therapeutics Stock Down 4.9 %

Shares of NASDAQ:TVTX traded down $1.03 during trading hours on Tuesday, hitting $19.84. The company's stock had a trading volume of 1,347,611 shares, compared to its average volume of 1,408,587. Travere Therapeutics, Inc. has a 52 week low of $5.12 and a 52 week high of $25.29. The company has a debt-to-equity ratio of 24.96, a current ratio of 1.71 and a quick ratio of 1.68. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -4.84 and a beta of 0.75. The firm's fifty day moving average price is $20.38 and its 200 day moving average price is $17.99.

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Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.15). Travere Therapeutics had a negative net margin of 137.90% and a negative return on equity of 1,636.87%. The business had revenue of $74.79 million during the quarter, compared to the consensus estimate of $72.38 million. As a group, research analysts expect that Travere Therapeutics, Inc. will post -1.4 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TVTX. Scotiabank upped their target price on shares of Travere Therapeutics from $27.00 to $32.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, February 12th. Citigroup increased their price objective on shares of Travere Therapeutics from $31.00 to $35.00 and gave the company a "buy" rating in a research report on Monday, February 24th. Canaccord Genuity Group increased their price objective on shares of Travere Therapeutics from $22.00 to $45.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. increased their price objective on shares of Travere Therapeutics from $42.00 to $44.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Finally, HC Wainwright increased their price objective on shares of Travere Therapeutics from $18.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $30.62.

Insider Activity

In related news, CAO Sandra Calvin sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $17.22, for a total transaction of $258,300.00. Following the completion of the transaction, the chief accounting officer now owns 54,927 shares in the company, valued at $945,842.94. The trade was a 21.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William E. Rote sold 2,437 shares of the business's stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $19.46, for a total transaction of $47,424.02. Following the transaction, the senior vice president now owns 83,170 shares of the company's stock, valued at approximately $1,618,488.20. This trade represents a 2.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 206,335 shares of company stock worth $4,453,012. 3.75% of the stock is currently owned by corporate insiders.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc, a biopharmaceutical company, identifies, develops, and delivers therapies to people living with rare kidney and metabolic diseases. Its products include FILSPARI (sparsentan), a once-daily, oral medication designed to target two critical pathways in the disease progression of IgA Nephropathy (endothelin 1 and angiotensin-II); and Thiola and Thiola EC (tiopronin tablets) for the treatment of cystinuria, a rare genetic cystine transport disorder that causes high cystine levels in the urine and the formation of recurring kidney stones.