Christopher R. Cline, the Chief Financial Officer of Travere Therapeutics, Inc. (NASDAQ:TVTX), recently executed a sale of company shares. The transaction comes as Travere’s stock trades near its 52-week high of $20.89, having delivered an impressive 130% return over the past year. According to a recent filing, Cline sold 865 shares of Travere Therapeutics at a price of $18.9409 per share, amounting to a total transaction value of $16,383.
This sale was conducted to cover the tax withholding obligation associated with the settlement of vested restricted stock units. The transaction was executed as part of a "sell to cover" arrangement mandated by Travere Therapeutics under its equity incentive plans. Following this sale, Cline retains ownership of 73,730 shares in the company. InvestingPro analysis reveals the stock is currently trading close to its Fair Value, with 12 additional key insights available to subscribers. Access the comprehensive Pro Research Report for deeper analysis of TVTX’s financial health and growth prospects.
In other recent news, Travere Therapeutics has announced plans for a public stock offering, with the final details subject to market and other conditions. The company has not yet disclosed the intended use of proceeds from this offering. This development follows the company’s robust third-quarter growth, largely driven by the commercial launch of FILSPARI, a drug for IgA nephropathy. This resulted in a 30% increase in net sales from the previous quarter, with total revenue for the quarter rising to $62.9 million, a 69% increase from the same period in 2023. Despite this, Travere reported a net loss of $54.8 million, attributed to a one-time gain from a product sale in the previous year. Additionally, Travere is making progress with its sparsentan program for Focal Segmental Glomerulosclerosis, with promising study results and upcoming regulatory discussions. The company also submitted an sNDA to the FDA to modify liver monitoring frequency for FILSPARI. Despite the net loss, Travere maintains a strong cash position of $277.4 million.
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