Prudential Financial Inc. Raises Stock Holdings in Travere Therapeutics, Inc. (NASDAQ:TVTX)

Prudential Financial Inc. grew its position in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 60.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 969,141 shares of the company's stock after buying an additional 365,200 shares during the period. Prudential Financial Inc. owned approximately 1.24% of Travere Therapeutics worth $16,882,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TVTX. Intech Investment Management LLC purchased a new position in Travere Therapeutics in the 3rd quarter worth approximately $283,000. The Manufacturers Life Insurance Company increased its holdings in shares of Travere Therapeutics by 61.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 47,045 shares of the company's stock worth $658,000 after purchasing an additional 17,931 shares in the last quarter. FMR LLC raised its stake in shares of Travere Therapeutics by 27.5% in the third quarter. FMR LLC now owns 147,416 shares of the company's stock worth $2,062,000 after purchasing an additional 31,772 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Travere Therapeutics by 37.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 843,300 shares of the company's stock valued at $11,798,000 after purchasing an additional 228,300 shares in the last quarter. Finally, Acuta Capital Partners LLC bought a new position in shares of Travere Therapeutics during the third quarter valued at $266,000.

Analyst Ratings Changes

TVTX has been the subject of several research reports. Canaccord Genuity Group boosted their price objective on shares of Travere Therapeutics from $22.00 to $45.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Travere Therapeutics in a research note on Friday, February 21st. Citigroup raised their price target on Travere Therapeutics from $31.00 to $35.00 and gave the stock a "buy" rating in a research note on Monday, February 24th. Bank of America upped their price objective on Travere Therapeutics from $29.00 to $31.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised their target price on Travere Therapeutics from $42.00 to $44.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $31.46.

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Travere Therapeutics Price Performance

NASDAQ:TVTX traded down $0.48 during trading hours on Tuesday, hitting $17.44. 2,101,021 shares of the stock traded hands, compared to its average volume of 1,485,944. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -4.25 and a beta of 0.75. Travere Therapeutics, Inc. has a 1 year low of $5.12 and a 1 year high of $25.29. The stock has a 50 day moving average price of $20.71 and a 200 day moving average price of $18.60. The company has a quick ratio of 1.68, a current ratio of 1.71 and a debt-to-equity ratio of 24.96.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $74.79 million for the quarter, compared to analysts' expectations of $72.38 million. Sell-side analysts forecast that Travere Therapeutics, Inc. will post -1.4 EPS for the current fiscal year.

Insider Activity

In other news, CAO Sandra Calvin sold 3,348 shares of Travere Therapeutics stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $20.12, for a total transaction of $67,361.76. Following the sale, the chief accounting officer now owns 63,654 shares in the company, valued at $1,280,718.48. This trade represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jula Inrig sold 2,066 shares of the company's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $19.10, for a total transaction of $39,460.60. Following the transaction, the insider now owns 59,883 shares of the company's stock, valued at approximately $1,143,765.30. This represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,335 shares of company stock worth $4,194,712 over the last ninety days. Corporate insiders own 3.75% of the company's stock.

About Travere Therapeutics

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.