Bullish indicating open at $55-$60, IPO prices at $37
SAN DIEGO—Peter Heerma, Chief Commercial Officer of Travere Therapeutics, Inc. (NASDAQ:TVTX), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. The sales come as the company’s stock has shown remarkable strength, with a 162% gain over the past six months according to InvestingPro data. Heerma sold a total of 5,642 shares over two days, generating proceeds of approximately $137,275.
On February 11, Heerma sold 3,074 shares at a price of $25 per share, totaling $76,850. The following day, he sold an additional 2,568 shares at $23.53 per share, amounting to $60,425. The transactions occurred near the stock’s 52-week high of $25.29, with analysts setting price targets ranging from $18 to $45 per share.
These sales were conducted under a pre-arranged trading plan, as per Rule 10b5-1(c) of the Securities Exchange Act of 1934. Additionally, a portion of the shares was sold to cover tax obligations related to the vesting of performance-based restricted stock units. After these transactions, Heerma retains direct ownership of 125,066 shares in the company. For comprehensive insider trading analysis and additional insights, explore the detailed Pro Research Report available on InvestingPro.
In other recent news, Travere Therapeutics has seen significant developments. Scotiabank (TSX:BNS) analyst Greg Harrison raised the price target for Travere to $32, following the company’s plans to file a supplemental new drug application (sNDA) for Filspari in the treatment of focal segmental glomerulosclerosis (FSGS). Travere anticipates completing the sNDA submission by the end of the first quarter of 2025, which could potentially lead to Filspari entering the FSGS market by late 2025.
Canaccord Genuity also maintained a Buy rating on Travere and increased the price target to $45. This adjustment reflects the firm’s continued expectation for the peak revenue of SAGE, a product in Travere’s pipeline. Despite some challenges in projecting spending divisions due to ongoing restructuring, the new operating expense estimates align with Travere’s anticipated cash flow.
In addition, Travere announced its intention to submit an sNDA for Filspari following a successful Type C meeting with the U.S. Food and Drug Administration (FDA). The potential approval of Filspari for FSGS treatment represents a significant milestone for Travere, given the current lack of approved medicines for this condition. These recent developments underscore the importance of strategic investments in research and development and the management of operating expenses for biopharmaceutical companies like Travere Therapeutics.
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