Travere Therapeutics, Inc. (NASDAQ:TVTX) recently made headlines with its Chief Medical Officer, Jula Inrig, selling shares in the company. This transaction, which took place on September 9, 2024, involved the sale of 2,191 shares at $11.52 per share, totaling over $25,000.
The sale followed the vesting of performance restricted stock units (PSUs) granted to Inrig on January 31, 2023, which vested upon the FDA's full approval of FILSPARI (sparsentan) in IgA Nephropathy on September 5, 2024.
This sale was necessary to cover the tax withholding obligation associated with the settlement of the vested PSUs, as mandated by the company's equity incentive plans. Inrig now owns 62,633 shares of Travere Therapeutics after the transaction.
Travere Therapeutics has seen significant progress with FILSPARI, which has received FDA approval to treat adult patients with primary Immunoglobulin A nephropathy at risk of disease progression. This approval is expected to expand the eligible patient population and increase sales in FY24.
Citi and BofA Securities have maintained Buy ratings on the company, with Citi raising its price target to $23.00. Recent financial reports show strong sales growth for FILSPARI and a healthy financial position for Travere Therapeutics.
Analysis:
Despite the recent stock sale by an executive, Travere Therapeutics has shown promising growth potential with the FDA approval of FILSPARI. Investors should consider the company's size, market capitalization, and financial health before making investment decisions.
While the company is not expected to be profitable this year and is burning through cash, its recent stock performance has been strong. However, the stock is currently in overbought territory, indicating a potential pullback in the future.
Investors should weigh the company's recent performance, market trends, and potential risks before making investment choices. For more detailed analysis and tips on Travere Therapeutics, visit InvestingPro for additional insights.