# Travere Therapeutics, Inc. (TVTX)

> Source: Nexqual · https://nexqual.com/TVTX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Travere Therapeutics, Inc. (TVTX), nexqual.com/TVTX" · informational, not investment advice.

**Price:** USD 52.43 (-0.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 52.58 · day 51.25–53.12 · 52w 22.59–68.73 · market cap $4.94B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $591M, net income -$43.5M (-7.4% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold TVTX (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 33 Form 4 filings, $94.5M; 3 not under a Rule 10b5-1 plan ($447K); 0 by opportunistic insiders, 22 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +86.3% vs S&P 500 +14.9%; 5Y +99.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.49, revenue estimate $198M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $132M | $109M | $145M | $233M | $491M | $591M |
| Gross profit | $128M | $105M | $134M | $225M | $480M | — |
| Operating income | -$199M | -$320M | -$388M | -$324M | -$62.8M | -$40.5M |
| Net income | -$180M | -$278M | -$111M | -$322M | -$25.5M | -$43.5M |
| EPS (diluted) | -$3.01 | -$4.37 | -$1.50 | -$4.08 | -$0.29 | — |
| Free cash flow | -$19.9M | -$186M | -$281M | — | — | — |
| Gross margin | 97.1% | 96.0% | 92.1% | 96.7% | 97.9% | — |
| Operating margin | -151.3% | -292.2% | -267.2% | -138.9% | -12.8% | -6.8% |
| Net margin | -136.6% | -254.4% | -76.7% | -137.9% | -5.2% | -7.4% |
| Revenue growth | -33.5% | -17.0% | +32.7% | +60.5% | +110.5% | — |
| Cash + short-term investments | $428M | $347M | $307M | — | $238M | — |
| Total debt | $227M | $376M | $377M | $310M | $312M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 8.4x · P/B 201.5x · Earnings yield -0.88%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TVTX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $1.9M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
30 of 33 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Dube Eric M | CHIEF EXECUTIVE OFFICER | 243,735 | $13.1M | 36% | Yes (adopted June 16, 2026) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-09-15…2026-09-17 | Heerma Peter | EVP, CHIEF COMMERCIAL OFFICER | 283,189 | $17.9M | 70.8% | Yes (adopted June 16, 2026) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-09-15…2026-09-17 | Dube Eric M | CHIEF EXECUTIVE OFFICER | 400,000 | $25.4M | 48% | Yes (adopted June 16, 2026) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-09-15…2026-09-16 | Rote William E. | Chief Research Officer | 209,048 | $13.1M | 68% | Yes (adopted June 16, 2026) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-09-15 | Inrig Jula | EVP, Head of R&D & CMO | 44,674 | $2.8M | 30.8% | Yes (adopted June 16, 2026) | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-09-15 | Reed Elizabeth E | Chief Legal Officer and GC | 37,500 | $2.3M | 26.2% | Yes (adopted June 16, 2026) | Routine (sold in Jan & Feb & Sep each year 2023–2025) |
| 2026-09-15 | Cline Christopher R. | CHIEF FINANCIAL OFFICER | 50,508 | $3.1M | 36.6% | Yes (adopted June 16, 2026) | Routine (sold in Jan & Feb & Apr & Sep each year 2023–2025) |
| 2026-09-15 | Calvin Sandra | SVP, CHIEF ACCOUNTING OFFICER | 5,375 | $335K | 11.3% | Yes (adopted June 16, 2026) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-09-10 | Meckler Jeffrey A | Director | 20,000 | $1.3M | 17.9% | Yes (adopted June 11, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-02 | Cline Christopher R. | CHIEF FINANCIAL OFFICER | 642 | $43K | 0.5% | No | Routine (sold in Jan & Feb & Apr & Sep each year 2023–2025) |
| 2026-08-17…2026-08-18 | Lyons Gary A | Director | 10,000 | $633K | 14% | Yes (adopted May 18, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-12 | Coughlin Timothy | Director | 10,000 | $501K | 15.1% | Yes (adopted November 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-12 | Baynes Roy D. | Director | 4,500 | $225K | 9.8% | Yes (adopted November 17, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-15 | Coughlin Timothy | Director | 3,250 | $141K | 5.9% | Yes (adopted November 19, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-06 | Rote William E. | Chief Research Officer | 2,763 | $121K | 2.3% | Yes (adopted May 29, 2025) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-04…2026-05-06 | Reed Elizabeth E | Chief Legal Officer and GC | 24,250 | $1.1M | 18.7% | Yes (adopted June 16, 2025) | Routine (sold in Jan & Feb & Sep each year 2023–2025; this trade is outside those months) |
| 2026-05-04…2026-05-06 | Inrig Jula | CHIEF MEDICAL OFFICER | 22,485 | $1.0M | 16.6% | Yes (adopted May 28, 2025) | Routine (sold in Jan each year 2023–2025; this trade is outside those months) |
| 2026-05-06 | Dube Eric M | CHIEF EXECUTIVE OFFICER | 22,500 | $989K | 4.9% | Yes (adopted June 16, 2025) | Routine (sold in Jan & Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-05…2026-05-06 | Cline Christopher R. | CHIEF FINANCIAL OFFICER | 2,491 | $115K | 2.1% | Yes (adopted May 28, 2025) | Routine (sold in Jan & Feb & Apr & Sep each year 2023–2025; this trade is outside those months) |
| 2026-05-05 | Baynes Roy D. | Director | 4,500 | $210K | 10.7% | Yes (adopted November 17, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-24 | Guggenheim | Target raised | Buy | $75 → $89 |
| 2026-09-22 | Wedbush | Reiterated | Outperform | $76 |
| 2026-09-22 | HC Wainwright & Co. | Reiterated | Buy | $67 |
| 2026-08-10 | Evercore ISI Group | Target raised | Outperform | $68 → $78 |
| 2026-08-06 | Canaccord Genuity | Target raised | Buy | $62 → $70 |
| 2026-08-06 | Wedbush | Target raised | Outperform | $61 → $75 |
| 2026-08-05 | TD Cowen | Target raised | Buy | $60 → $75 |
| 2026-08-05 | Citigroup | Target raised | Buy | $70 → $85 |
| 2026-08-05 | Evercore ISI Group | Target raised | Outperform | $60 → $68 |
| 2026-08-05 | Guggenheim | Target raised | Buy | $65 → $75 |
| 2026-07-30 | Canaccord Genuity | Target raised | Buy | $56 → $62 |
| 2026-06-25 | Guggenheim | Target raised | Buy | $56 → $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +86.3% | +99.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +86.7% | +14.8% |
| Volatility (annualized) | 61.9% | 65.2% |
| Max drawdown | -33.5% (Dec 2025→Mar 2026) | -83.1% (Dec 2021→Apr 2024) |

## Peers (Biotechnology)
BLTE (Belite Bio, Inc) USD 150.27 -1.90% · LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · TGTX (TG Therapeutics, Inc.) USD 53.16 -0.08%

## More
Full page: https://nexqual.com/TVTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TVTX's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1438533/000143853326000014/tvtx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | LIGAND PHARMACEUTICALS INC (LGND) | "In 2012, we entered into a license agreement with Ligand Pharmaceuticals, Inc. ("Ligand"), granting us a worldwide sublicense for the development, manufacture and commercialization of FILSPARI (sparsentan)." |
| Partner | CSL | "In April 2024, we and our partner CSL Vifor announced that the European Commission had granted conditional marketing authorization ("CMA") for FILSPARI (sparsentan) for the treatment of adults with primary IgAN with a ur…" |
| Partner | Renalys Pharma | "In January 2024, we announced our entry into an exclusive licensing agreement with Renalys Pharma, Inc. ("Renalys"), to bring sparsentan for the treatment of IgAN to patients in Japan and other countries in Asia." |

Other companies that name TVTX in their own reports (relationship from TVTX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Mirum Pharmaceuticals, Inc. (MIRM) | 10-K 2026-02-25 | "Asset Purchase Agreement with Travere Therapeutics, Inc." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total net product sales | $161.4M | 95.1% | +70.1% |
| — FILSPARI (part of Total net product sales) | $141.1M | 83.2% | +96.2% |
| — Tiopronin products (part of Total net product sales) | $20.3M | 12.0% | -11.7% |
| License and collaboration revenue | $8.2M | 4.9% | -58.0% |
| Total revenue | $169.6M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Topline data expected in 2H 2027 In-licensing of civorebrutinib expands long-term growth opportunities in multiple immune-mediated rare kidney diseases SAN DIEGO, August 4, 2026 – Travere Therapeutics, Inc."
- "Program Updates FILSPARI ® (sparsentan) – IgA Nephropathy (IgAN) • The SPARX Study evaluating FILSPARI in post-transplant patients with recurrent IgAN or FSGS has completed enrollment, with data presentations anticipated in 2027. • In May 2026, the United States Patent and Trademark Office (USPTO) issued a Notice of Allowance for U.S."
- "Upon issuance, the patent is expected to provide U.S. patent coverage for certain methods of using sparsentan in IgA nephropathy into October 2037. • In June 2026, the Company's partner, Chugai Pharmaceutical, submitted a New Drug Application for sparsentan in Japan."
- "Pegtibatinase (TVT-058) – Classical Homocystinuria (HCU) • The Company is continuing to enroll new patients in the pivotal Phase 3 HARMONY Study, with topline data anticipated in 2H 2027. • The HARMONY Study is expected to enroll approximately 70 patients aged 12 to 65 with plasma total homocysteine (tHcy) levels ≥50 µM."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.49 | $0.40 | +24.2% | $198.3M | 8 |
| Next quarter (ends 2026-12-31) | $1.07 | $0.85 | +26.8% | $234.4M | 8 |
| Current fiscal year (ends 2026-12-31) | $1.67 | $1.88 | -11.2% | $729.5M | 8 |
| Next fiscal year (ends 2027-12-31) | $5.70 | $4.77 | +19.5% | $1.09B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±11.8%; last 8 reports averaged ±8.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 52.6% | ±11.8% |
| 2026-12-18 | 56 | 49.2% | ±15.4% |
| 2027-01-15 | 84 | 44.4% | ±17.1% |
| 2027-03-19 | 147 | 55.6% | ±28.1% |
| 2027-06-17 | 237 | 57.7% | ±36.9% |