Traders Purchase Large Volume of Call Options on Travere Therapeutics (NASDAQ:TVTX)

Travere Therapeutics, Inc. (NASDAQ:TVTX) was the recipient of some unusual options trading activity on Friday. Traders purchased 2,582 call options on the stock. This represents an increase of approximately 351% compared to the typical daily volume of 572 call options.

Travere Therapeutics Stock Performance

Travere Therapeutics stock opened at $15.23 on Friday. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -7.25 and a beta of 0.73. The company has a debt-to-equity ratio of 24.96, a current ratio of 3.04 and a quick ratio of 2.99. The firm has a 50 day simple moving average of $10.99 and a 200-day simple moving average of $8.61. Travere Therapeutics has a 1-year low of $5.12 and a 1-year high of $15.46.

Travere Therapeutics (NASDAQ:TVTX) last posted its earnings results on Thursday, August 1st. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.87) by ($0.03). Travere Therapeutics had a negative return on equity of 269.18% and a negative net margin of 82.14%. The business had revenue of $54.12 million for the quarter, compared to analyst estimates of $49.50 million. On average, analysts expect that Travere Therapeutics will post -3.95 EPS for the current year.

Insider Activity

In other news, SVP William E. Rote sold 4,387 shares of Travere Therapeutics stock in a transaction on Monday, September 9th. The shares were sold at an average price of $11.52, for a total transaction of $50,538.24. Following the completion of the sale, the senior vice president now directly owns 84,455 shares in the company, valued at approximately $972,921.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Travere Therapeutics news, SVP William E. Rote sold 4,387 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $11.52, for a total value of $50,538.24. Following the sale, the senior vice president now directly owns 84,455 shares of the company’s stock, valued at approximately $972,921.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Christopher R. Cline sold 2,490 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $11.52, for a total value of $28,684.80. Following the completion of the sale, the chief financial officer now owns 74,595 shares in the company, valued at $859,334.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,707 shares of company stock worth $915,112 over the last 90 days. 3.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Travere Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of TVTX. Rafferty Asset Management LLC raised its position in Travere Therapeutics by 18.6% in the fourth quarter. Rafferty Asset Management LLC now owns 429,161 shares of the company’s stock valued at $3,858,000 after purchasing an additional 67,168 shares during the period. Sectoral Asset Management Inc. acquired a new position in Travere Therapeutics during the 4th quarter worth about $2,469,000. Kynam Capital Management LP lifted its stake in Travere Therapeutics by 105.6% during the 4th quarter. Kynam Capital Management LP now owns 2,000,000 shares of the company’s stock worth $17,980,000 after acquiring an additional 1,027,398 shares in the last quarter. Pennant Investors LP purchased a new position in Travere Therapeutics during the 4th quarter valued at about $502,000. Finally, Birchview Capital LP grew its position in Travere Therapeutics by 48.8% in the 4th quarter. Birchview Capital LP now owns 122,000 shares of the company’s stock valued at $1,097,000 after acquiring an additional 40,000 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Travere Therapeutics from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Guggenheim dropped their target price on shares of Travere Therapeutics from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, September 27th. Citigroup reduced their price target on shares of Travere Therapeutics from $23.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, September 27th. Barclays boosted their price objective on Travere Therapeutics from $14.00 to $18.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Canaccord Genuity Group decreased their target price on Travere Therapeutics from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $17.09.

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.