Bullish indicating open at $55-$60, IPO prices at $37
SAN DIEGO—Inrig Jula, Chief Medical (TASE:PMCN) Officer at Travere Therapeutics, Inc. (NASDAQ:TVTX), a $2 billion market cap biopharmaceutical company whose stock has surged 190% over the past year, recently sold 2,568 shares of the company’s common stock, totaling approximately $60,425. The shares were sold at a price of $23.53 per share on February 12, 2025.
Earlier, on February 10, 2025, Jula acquired 8,000 shares through the vesting of performance-based restricted stock units (PSUs). These PSUs were granted on January 31, 2022, and vested upon the company meeting certain clinical and regulatory performance criteria. The transaction did not involve any cash outlay, as the shares were acquired at no cost.
The sale of shares was conducted to cover tax withholding obligations related to the settlement of the vested PSUs. This transaction was part of a "sell to cover" arrangement mandated by Travere’s equity incentive plans and was not a discretionary trade by Jula.
Following these transactions, Jula holds 89,602 shares of Travere Therapeutics.
In other recent news, Travere Therapeutics has seen positive developments with its drug Filspari. Scotiabank (TSX:BNS) analyst Greg Harrison raised the price target on Travere to $32, following the company’s announcement of plans to submit a supplemental new drug application (sNDA) for Filspari in the treatment of focal segmental glomerulosclerosis (FSGS). The company aims to complete this submission by the first quarter of 2025, and if approved, Filspari could enter the market by late 2025.
Similarly, Canaccord Genuity maintained a Buy rating on Travere and increased the price target to $45, reflecting the firm’s expectations for the peak revenue of SAGE, another product in Travere’s pipeline. Ed Nash, an analyst at Canaccord Genuity, noted that despite challenges in projecting expenses due to restructuring, the new operating estimates align with Travere’s anticipated cash flow.
Travere also revealed its intentions to submit an sNDA for Filspari following a successful Type C meeting with the U.S. Food and Drug Administration (FDA). The company’s decision was informed by outcomes from a public workshop led by the PARASOL workgroup, which found a strong association between proteinuria reduction and a decreased risk of kidney failure in FSGS patients. These recent developments highlight Travere Therapeutics’ ongoing efforts in the biopharmaceutical sector.
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