Elmind Capital LP Invests $16.62 Billion in Travere Therapeutics, Inc. $TVTX

by · The Markets Daily

Elmind Capital LP bought a new stake in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 292,600 shares of the company’s stock, valued at approximately $16,622,606,000. Travere Therapeutics makes up about 4.2% of Elmind Capital LP’s investment portfolio, making the stock its 10th largest holding. Elmind Capital LP owned approximately 0.31% of Travere Therapeutics as of its most recent SEC filing.

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

Analysts Set New Price Targets

TVTX has been the topic of a number of research reports. TD Cowen boosted their target price on shares of Travere Therapeutics from $60.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. HC Wainwright boosted their price objective 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. Wall Street Zen downgraded shares of Travere Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings cut Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 23rd. Finally, Wedbush raised their price objective on Travere Therapeutics from $61.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Travere Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $61.67.

Check Out Our Latest Stock Analysis on Travere Therapeutics

Travere Therapeutics Price Performance

Shares of NASDAQ:TVTX opened at $67.01 on Wednesday. The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05. The firm has a market cap of $6.32 billion, a price-to-earnings ratio of -145.67 and a beta of 1.12. The business has a 50-day simple moving average of $58.62 and a two-hundred day simple moving average of $44.16. Travere Therapeutics, Inc. has a fifty-two week low of $17.05 and a fifty-two week high of $67.34.

Travere Therapeutics (NASDAQ:TVTX – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The firm had revenue of $169.58 million during the quarter, compared to analyst estimates of $157.27 million. During the same period in the previous year, the business posted $0.13 earnings per share. The business’s revenue for the quarter was up 48.2% on a year-over-year basis. On average, analysts expect that Travere Therapeutics, Inc. will post -0.56 earnings per share for the current year.

Insider Activity at Travere Therapeutics

In related news, Director Roy D. Baynes sold 4,500 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 41,500 shares in the company, valued at approximately $2,075,000. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of Travere Therapeutics stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $50.07, for a total transaction of $500,700.00. Following the completion of the sale, the director directly owned 56,250 shares of the company’s stock, valued at approximately $2,816,437.50. This trade represents a 15.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 4.44% of the company’s stock.

About Travere Therapeutics

(Free Report)

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.

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