Eric Dube, the Chief Executive Officer of Travere Therapeutics Inc. (NASDAQ:TVTX), recently executed a sale of company stock, according to a filing with the Securities and Exchange Commission. On January 22, Dube sold a total of 10,736 shares at a price of $19.46 per share, amounting to approximately $208,922. The transaction comes as TVTX trades near its 52-week high of $20.89, having delivered an impressive 130% return over the past year. According to InvestingPro analysis, the stock is currently fairly valued, with analysts maintaining a strong buy consensus and a high price target of $45.
Following the transaction, Dube holds 351,239 shares of Travere Therapeutics. The sale was made under a pre-arranged trading plan, in line with Rule 10b5-1(c) of the Securities Exchange Act of 1934, which allows company insiders to set up a trading plan for selling stocks at a predetermined time to avoid any potential insider trading accusations. This particular sale also included shares sold to cover tax obligations related to the vesting of restricted stock units. For deeper insights into insider transactions and comprehensive analysis, InvestingPro subscribers can access detailed research reports covering over 1,400 US stocks, including TVTX’s complete insider trading history and financial health metrics.
In other recent news, Travere Therapeutics has reported notable developments. The biopharmaceutical company has announced plans for a public stock offering, with Jefferies and Leerink Partners managing the offering. The details of the offering, including its timing and size, are yet to be confirmed and are subject to market conditions.
In terms of financial performance, Travere Therapeutics has seen substantial growth in its third quarter of 2024. The commercial launch of its drug FILSPARI for IgA nephropathy drove a 30% increase in net sales, with total revenue rising to $62.9 million, a 69% increase from the same period in 2023. However, the company reported a net loss of $54.8 million, attributed to a one-time gain from a product sale in the previous year.
Travere Therapeutics is also making progress with its sparsentan program for Focal Segmental Glomerulosclerosis, with promising study results and upcoming regulatory discussions. Furthermore, the company submitted an sNDA to the FDA to modify liver monitoring frequency for FILSPARI. Despite the net loss, the company maintains a strong cash position of $277.4 million. These recent developments underscore Travere’s ongoing commitment to growth strategies and its focus on rare diseases.
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