Travere Therapeutics (TVTX)
Market Price (2/25/2026): $30.88 | Market Cap: $2.8 BilSector: Health Care | Industry: Biotechnology
Travere Therapeutics (TVTX)
Market Price (2/25/2026): $30.88Market Cap: $2.8 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 114% | Weak multi-year price returns3Y Excs Rtn is -16% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -21% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Rare Disease Therapeutics, Biopharmaceutical R&D, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.5% | ||
| Key risksTVTX key risks include [1] its heavy dependence on the commercial success of its key product, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 114% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Rare Disease Therapeutics, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -16% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -90 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -21% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -25% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.5% |
| Key risksTVTX key risks include [1] its heavy dependence on the commercial success of its key product, Show more. |
Qualitative Assessment
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Travere Therapeutics (TVTX) stock has lost about 10% since 10/31/2025 because of the following key factors:
1. FDA Extended Review for FILSPARI in FSGS.
On January 13, 2026, Travere Therapeutics announced that the U.S. Food and Drug Administration (FDA) extended the review timeline for its supplemental New Drug Application (sNDA) for FILSPARI (sparsentan) in focal segmental glomerulosclerosis (FSGS) to April 13, 2026, from an original target date of January 13, 2026. This three-month extension followed the company's submission of additional responses requested by the FDA to further characterize the clinical benefit of FILSPARI, which the FDA classified as a "Major Amendment" to the sNDA. This regulatory delay caused Travere's stock to plummet approximately 20% on the day of the announcement, reflecting investor concerns over the postponed potential for a new significant revenue stream, estimated at a $2 billion peak sales opportunity in the U.S. alone for the FSGS indication.
2. Q4 2025 Revenue Miss.
Travere Therapeutics reported fourth-quarter 2025 revenue of $129.7 million on February 19, 2026, which missed the Zacks Consensus Estimate of $147.7 million by 8.97%. Although diluted earnings per share (EPS) of $0.03 exceeded estimates, and total revenue saw a 73.41% year-over-year increase, the revenue miss contributed to a negative market reaction, with shares moving approximately -3.24% since market close on the earnings release day.
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1. FDA Extended Review for FILSPARI in FSGS.
On January 13, 2026, Travere Therapeutics announced that the U.S. Food and Drug Administration (FDA) extended the review timeline for its supplemental New Drug Application (sNDA) for FILSPARI (sparsentan) in focal segmental glomerulosclerosis (FSGS) to April 13, 2026, from an original target date of January 13, 2026. This three-month extension followed the company's submission of additional responses requested by the FDA to further characterize the clinical benefit of FILSPARI, which the FDA classified as a "Major Amendment" to the sNDA. This regulatory delay caused Travere's stock to plummet approximately 20% on the day of the announcement, reflecting investor concerns over the postponed potential for a new significant revenue stream, estimated at a $2 billion peak sales opportunity in the U.S. alone for the FSGS indication.
2. Q4 2025 Revenue Miss.
Travere Therapeutics reported fourth-quarter 2025 revenue of $129.7 million on February 19, 2026, which missed the Zacks Consensus Estimate of $147.7 million by 8.97%. Although diluted earnings per share (EPS) of $0.03 exceeded estimates, and total revenue saw a 73.41% year-over-year increase, the revenue miss contributed to a negative market reaction, with shares moving approximately -3.24% since market close on the earnings release day.
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Stock Movement Drivers
Fundamental Drivers
The -12.2% change in TVTX stock from 10/31/2025 to 2/24/2026 was primarily driven by a -12.2% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2242026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.16 | 30.88 | -12.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 436 | 436 | 0.0% |
| P/S Multiple | 7.2 | 6.3 | -12.2% |
| Shares Outstanding (Mil) | 89 | 89 | 0.0% |
| Cumulative Contribution | -12.2% |
Market Drivers
10/31/2025 to 2/24/2026| Return | Correlation | |
|---|---|---|
| TVTX | -12.2% | |
| Market (SPY) | 0.8% | 25.4% |
| Sector (XLV) | 9.4% | 11.1% |
Fundamental Drivers
The 99.9% change in TVTX stock from 7/31/2025 to 2/24/2026 was primarily driven by a 59.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 2242026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.45 | 30.88 | 99.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 274 | 436 | 59.3% |
| P/S Multiple | 5.0 | 6.3 | 26.7% |
| Shares Outstanding (Mil) | 88 | 89 | -1.0% |
| Cumulative Contribution | 99.9% |
Market Drivers
7/31/2025 to 2/24/2026| Return | Correlation | |
|---|---|---|
| TVTX | 99.9% | |
| Market (SPY) | 9.0% | 24.7% |
| Sector (XLV) | 21.6% | 3.2% |
Fundamental Drivers
The 50.9% change in TVTX stock from 1/31/2025 to 2/24/2026 was primarily driven by a 114.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312025 | 2242026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.46 | 30.88 | 50.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 203 | 436 | 114.2% |
| P/S Multiple | 7.8 | 6.3 | -19.2% |
| Shares Outstanding (Mil) | 78 | 89 | -12.8% |
| Cumulative Contribution | 50.9% |
Market Drivers
1/31/2025 to 2/24/2026| Return | Correlation | |
|---|---|---|
| TVTX | 50.9% | |
| Market (SPY) | 15.2% | 33.4% |
| Sector (XLV) | 8.9% | 19.1% |
Fundamental Drivers
The 37.9% change in TVTX stock from 1/31/2023 to 2/24/2026 was primarily driven by a 372.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2242026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.40 | 30.88 | 37.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 92 | 436 | 372.1% |
| P/S Multiple | 15.5 | 6.3 | -59.3% |
| Shares Outstanding (Mil) | 64 | 89 | -28.2% |
| Cumulative Contribution | 37.9% |
Market Drivers
1/31/2023 to 2/24/2026| Return | Correlation | |
|---|---|---|
| TVTX | 37.9% | |
| Market (SPY) | 75.4% | 26.7% |
| Sector (XLV) | 23.9% | 20.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TVTX Return | 14% | -32% | -57% | 94% | 119% | -20% | 13% |
| Peers Return | 13% | 1% | 5% | 13% | 85% | 1% | 150% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| TVTX Win Rate | 42% | 25% | 33% | 58% | 75% | 0% | |
| Peers Win Rate | 48% | 50% | 45% | 37% | 62% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TVTX Max Drawdown | -52% | -40% | -74% | -41% | -23% | -27% | |
| Peers Max Drawdown | -23% | -27% | -30% | -25% | -33% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, BIIB, IONS, ARWR, VERA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/24/2026 (YTD)
How Low Can It Go
| Event | TVTX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -82.9% | -25.4% |
| % Gain to Breakeven | 484.0% | 34.1% |
| Time to Breakeven | 722 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -42.5% | -33.9% |
| % Gain to Breakeven | 74.0% | 51.3% |
| Time to Breakeven | 99 days | 148 days |
| 2018 Correction | ||
| % Loss | -65.6% | -19.8% |
| % Gain to Breakeven | 191.0% | 24.7% |
| Time to Breakeven | 2,214 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -88.2% | -56.8% |
| % Gain to Breakeven | 750.0% | 131.3% |
| Time to Breakeven | 530 days | 1,480 days |
Compare to VRTX, BIIB, IONS, ARWR, VERA
In The Past
Travere Therapeutics's stock fell -82.9% during the 2022 Inflation Shock from a high on 2/5/2021. A -82.9% loss requires a 484.0% gain to breakeven.
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About Travere Therapeutics (TVTX)
Travere Therapeutics, Inc., a biopharmaceutical company, focuses on the identification, development, commercialization, and delivering of therapies for the treatment of rare diseases. Its marketed products include Chenodal, a synthetic oral form of chenodeoxycholic acid for the treatment of radiolucent stones in gallbladders; Cholbam, a cholic acid capsule to treat pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects, as well as for adjunctive treatment of patients with peroxisomal disorders; and Thiola and Thiola EC, a tiopronin tablet for the treatment of homozygous cystinuria. The company's product candidates also consist of Sparsentan, which is in Phase III clinical trial for the treatment of focal segmental glomerulosclerosis and immunoglobulin A nephropathy; and TVT-058, a novel investigational human enzyme replacement candidate, which is in Phase I/II clinical trials for the treatment of classical homocystinuria. It has a cooperative research and development agreement with National Institutes of Health's National Center for Advancing Translational Sciences and patient advocacy organizations, CDG Care, and Alagille Syndrome Alliance for the identification of potential small molecule therapeutics for NGLY1 deficiency and Alagille syndrome. The company was formerly known as Retrophin, Inc. and changed its name to Travere Therapeutics, Inc. in November 2020. Travere Therapeutics, Inc. was incorporated in 2008 and is headquartered in San Diego, California.
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Here are 1-3 brief analogies for Travere Therapeutics (TVTX):
- Vertex Pharmaceuticals, but with a focus on rare kidney diseases.
- Alexion Pharmaceuticals, specializing in rare, high-unmet-need conditions, particularly kidney diseases.
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- FILSPARI (sparsentan): A non-immunosuppressive endothelin and angiotensin receptor antagonist approved for reducing proteinuria in adults with primary IgA nephropathy at risk of rapid disease progression.
- THIOLA (tiopronin): An orphan drug indicated for the prevention of cystine stone formation in adults and pediatric patients 20 kg and greater with severe homozygous cystinuria, who are unresponsive to conservative therapy.
- PALYNZIQ (pegvaliase): An enzyme substitution therapy approved for adults with phenylketonuria (PKU) who have uncontrolled blood phenylalanine concentrations on existing management.
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Travere Therapeutics (TVTX) is a biopharmaceutical company that develops and commercializes medicines, primarily for rare diseases. As such, its sales model involves selling its products primarily to other companies, specifically pharmaceutical wholesale distributors, rather than directly to individuals.
These distributors purchase the drugs directly from Travere Therapeutics and then supply them to pharmacies, hospitals, clinics, and other healthcare providers, who subsequently dispense them to patients based on prescriptions. The major customers for pharmaceutical companies like Travere Therapeutics typically include the largest pharmaceutical wholesale distributors. These companies are:
- Cencora, Inc. (formerly AmerisourceBergen Corporation) (Symbol: COR)
- McKesson Corporation (Symbol: MCK)
- Cardinal Health, Inc. (Symbol: CAH)
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- Curia Global, Inc.
- WuXi AppTec Co., Ltd. (WUXI.SS, 2359.HK)
- Thermo Fisher Scientific Inc. (TMO)
- Esteve Química, S.A.
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Eric Dube, Ph.D. President & Chief Executive Officer
Dr. Eric Dube is the President and Chief Executive Officer of Travere Therapeutics, a role he assumed in January 2019, and also serves on the company's board of directors. Prior to joining Travere, Dr. Dube was president and head of North America at ViiV Healthcare. For over 18 years before ViiV, he held roles of increasing leadership at GlaxoSmithKline plc, where he led the US Oncology and Global Respiratory businesses. His extensive experience spans commercial, operations, market access, medical, and business development functions across the United States, Europe, and Japan. Dr. Dube is a co-founder of OUTbio San Diego, an organization for LGBTQ+ biotech professionals. He serves on the executive committee of the board of directors for the Biotechnology Innovation Organization (BIO) and previously served on the board of directors for Reneo Pharmaceuticals. He was recognized as a 2022 Ernst & Young Entrepreneur of the Year Pacific Southwest winner.
Chris Cline, CFA Chief Financial Officer
Chris Cline, CFA, serves as the Chief Financial Officer and a member of the executive team at Travere Therapeutics, a position he has held since 2022. He oversees the company's corporate and strategic finance, and investor relations activities. Mr. Cline joined Travere Therapeutics in 2014 and has been instrumental in strengthening the company's financial foundation through equity and debt offerings, and developing its corporate communications strategy. Before joining Travere, Mr. Cline was a member of the global investor relations group at Elan Corporation, plc, an Ireland-based biotechnology company that was acquired by Perrigo Company. He also worked as a financial analyst in the corporate finance group at Phase Forward, a healthcare technology company with a focus on mergers and acquisitions. Mr. Cline is a Chartered Financial Analyst.
Jula Inrig, M.D. Chief Medical Officer
Dr. Jula Inrig has been the Chief Medical Officer of Travere Therapeutics since 2022. Before joining Travere, she served as the Global Head of the Renal Center of Excellence at IQVIA. Her previous roles at IQVIA included Medical Director and Senior Medical Director. Dr. Inrig also served as the Global Medical Strategy Lead in Nephrology at QuintilesIMS.
Elizabeth E. Reed, J.D. Chief Legal Officer & General Counsel
Elizabeth E. Reed serves as the Chief Legal Officer, General Counsel, and Corporate Secretary of Travere Therapeutics, a role she has held since 2017. Prior to her tenure at Travere, Ms. Reed was Vice President, General Counsel, and Secretary of Celladon Corp. She also held positions as Senior Vice President, Legal Affairs, General Counsel, and Corporate Secretary for Anadys Pharmaceuticals Inc. Earlier in her career, she worked with legal firms Cooley LLP and Brobeck, Phleger & Harrison LLP.
Angela Giannantonio Chief People Officer
Angela Giannantonio is the Chief People Officer at Travere Therapeutics. She brings over 15 years of experience in human resources management to her role, having previously served with AstraZeneca Plc.
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The key risks to Travere Therapeutics (TVTX) primarily revolve around its product pipeline, market competition, and the evolving regulatory landscape.
- Dependence on Key Products: Travere Therapeutics' financial performance is heavily reliant on the success of its key product, FILSPARI® (sparsentan), approved for IgA nephropathy (IgAN) and with potential for focal segmental glomerulosclerosis (FSGS). This dependence makes the company vulnerable to shifts in market demand, pricing pressures, and competition. Any setbacks in the commercialization of FILSPARI® or delays in its approval for new indications could significantly impact the company's revenue and profitability.
- Intense Industry Competition and Generic Threats: The biotechnology and pharmaceutical sectors are highly competitive. Travere Therapeutics faces competition from both established pharmaceutical companies with greater resources and emerging biotech firms in the rare disease space. The treatment landscape for IgAN, for instance, is evolving with the introduction of new therapies, including SGLT2 inhibitors and other IgAN-indicated treatments, which could fragment the market and increase competitive pressures on FILSPARI®. The potential for generic competition also poses a threat to market share and pricing power.
- Regulatory Changes and Healthcare Reform Risks: Travere Therapeutics operates within a complex regulatory environment that is subject to change, impacting the approval and marketing of its therapies. Changes in healthcare policies, particularly those related to drug pricing reforms, could threaten the company's profitability. Additionally, regulatory delays in bringing new therapies or expanded indications to market can significantly affect Travere's market position and strain financial resources.
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The increasing competitive landscape in the IgA nephropathy (IgAN) market, particularly from late-stage pipeline candidates. Novartis's atrasentan, a selective endothelin A receptor antagonist (ETARA) acquired through its acquisition of Chinook Therapeutics, is in Phase 3 development and directly competes with Travere's flagship product, FILSPARI (sparsentan), for the treatment of IgAN. Atrasentan targets a similar mechanism of action, and if approved, could significantly challenge FILSPARI's market share and growth prospects.
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Travere Therapeutics' main products address significant markets in rare kidney and metabolic diseases:
- Filspari (sparsentan) for IgA Nephropathy (IgAN): The global market for IgA Nephropathy was valued at approximately $730 million in 2024 and is projected to grow to $8.3 billion by 2033, with a compound annual growth rate (CAGR) of 30.5% from 2025 to 2034. In the U.S. alone, there are over 70,000 addressable IgAN patients.
- Filspari (sparsentan) for Focal Segmental Glomerulosclerosis (FSGS): The global Focal Segmental Glomerulosclerosis drug market is valued at $13.8 billion in 2025 and is projected to reach $31.2 billion by 2034, growing at a CAGR of 9.5%. The U.S. market for FSGS has an estimated 7,000-10,000 addressable patients.
- Pegtibatinase (TVT-058) for Classical Homocystinuria (HCU): There are up to 30,000 addressable HCU patients globally.
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Here are the expected drivers of future revenue growth for Travere Therapeutics (TVTX) over the next 2-3 years:- Continued Commercial Growth and Expanded Adoption of FILSPARI (sparsentan) in IgA Nephropathy (IgAN): Travere Therapeutics anticipates sustained revenue growth from its lead product, FILSPARI, for IgA nephropathy. This is expected to be driven by increasing uptake among both new and existing prescribers. Recent updates to the Kidney Disease Improving Global Outcomes (KDIGO) guidelines recommending FILSPARI as a foundational kidney-targeted therapy, along with a simplified REMS (Risk Evaluation and Mitigation Strategy) program reducing monitoring frequency, are expected to further accelerate its adoption and strengthen its market position.
- Potential FDA Approval and Commercial Launch of FILSPARI for Focal Segmental Glomerulosclerosis (FSGS): A significant driver for future revenue is the potential FDA approval and subsequent commercial launch of FILSPARI for Focal Segmental Glomerulosclerosis (FSGS). Travere is actively preparing for this, with a PDUFA (Prescription Drug User Fee Act) target action date in the first quarter of 2026. This would open up a new, substantial market for the drug.
- International Expansion of FILSPARI through Partnerships: Revenue growth is also expected from the ongoing and expanding international commercialization of FILSPARI. Through its partnership with CSL Vifor, FILSPARI has already launched in several European markets, including Germany, Austria, Switzerland, and the UK, contributing to milestone payments. Additionally, a collaboration with Renalys Pharma for Japan and other Asian countries, with Phase 3 trial results anticipated in late 2025, positions the company for further global market penetration.
- Advancement of the Pegtibatinase Program in Classical Homocystinuria (HCU): The progression of pegtibatinase, an investigational therapy for classical homocystinuria, represents a long-term revenue driver. Travere Therapeutics is making strides toward restarting the pivotal HARMONY Study, with topline data anticipated in 2026. Successful development and potential commercialization of pegtibatinase would diversify Travere's product portfolio and address another rare disease with unmet needs.
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Share Issuance
- In November 2024, Travere Therapeutics completed a public offering of 8,984,375 shares of common stock at $16.00 per share, including the full exercise of the underwriters' option, generating approximately $143.8 million in gross proceeds.
- In March 2022, Travere Therapeutics announced a proposed offering of $250 million in convertible senior notes due 2029, with an option for an additional $37.5 million, intending to use a portion of the proceeds to repurchase outstanding 2.50% senior convertible notes due 2025.
- The company granted inducement equity awards to new employees in June 2025 (81,100 shares) and November 2025 (25,700 shares), consisting of restricted stock units (RSUs) vesting over four years.
Inbound Investments
- Travere Therapeutics recognized a $40.0 million market access milestone payment from its partner CSL Vifor in October 2025, following commercial launches of FILSPARI in several European countries. The company also received a $17.5 million milestone payment from CSL Vifor in Q2 2025.
- The company recorded $9.3 million of non-cash license revenue in Q3 2025 related to its partnership with Renalys Pharma, Inc., which holds commercial rights for sparsentan in certain Asian markets.
- Perceptive Advisors LLC significantly increased its stake in Travere Therapeutics in October 2025, acquiring an additional 4,061,363 shares at $26.13 per share.
Outbound Investments
- Travere Therapeutics has made no investments or acquisitions in other companies.
Capital Expenditures
- Research and development (R&D) expenses were $51.9 million for Q3 2025 and $148.1 million for the nine months ended September 30, 2025, indicating ongoing investment in its pipeline.
- Selling, general, and administrative (SG&A) expenses were $86.5 million for Q3 2025 and $235.5 million for the nine months ended September 30, 2025, with increases primarily due to preparations for a potential FSGS launch in January 2026 and the commercialization of FILSPARI.
- The company has achieved commercial scale manufacturing of pegtibatinase, positioning itself to restart enrollment in the pivotal HARMONY study in 2026, which implies investment in manufacturing capabilities.
Latest Trefis Analyses
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 74.56 |
| Mkt Cap | 11.2 |
| Rev LTM | 1,029 |
| Op Inc LTM | 105 |
| FCF LTM | 107 |
| FCF 3Y Avg | -179 |
| CFO LTM | 140 |
| CFO 3Y Avg | -128 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.4% |
| Rev Chg 3Y Avg | 10.4% |
| Rev Chg Q | 17.1% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Mgn LTM | 25.0% |
| Op Mgn 3Y Avg | -55.1% |
| QoQ Delta Op Mgn LTM | 15.7% |
| CFO/Rev LTM | 22.3% |
| CFO/Rev 3Y Avg | -52.4% |
| FCF/Rev LTM | 19.9% |
| FCF/Rev 3Y Avg | -57.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.2 |
| P/S | 8.0 |
| P/EBIT | 2.3 |
| P/E | 5.7 |
| P/CFO | 0.1 |
| Total Yield | 0.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -7.1% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.5% |
| 3M Rtn | 10.3% |
| 6M Rtn | 82.5% |
| 12M Rtn | 50.6% |
| 3Y Rtn | 82.4% |
| 1M Excs Rtn | 4.8% |
| 3M Excs Rtn | 11.1% |
| 6M Excs Rtn | 73.5% |
| 12M Excs Rtn | 29.8% |
| 3Y Excs Rtn | 11.6% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA216403 | FILSPARI | sparsentan | tablet | 2172023 | -7.7% | -23.8% | -54.0% | 28.6% | 72.4% |
Price Behavior
Price Behavior
| Market Price | $30.88 | |
| Market Cap ($ Bil) | 2.8 | |
| First Trading Date | 02/15/2008 | |
| Distance from 52W High | -23.3% | |
| 50 Days | 200 Days | |
| DMA Price | $32.61 | $24.96 |
| DMA Trend | up | down |
| Distance from DMA | -5.3% | 23.7% |
| 3M | 1YR | |
| Volatility | 63.9% | 67.9% |
| Downside Capture | 208.54 | 155.86 |
| Upside Capture | 88.62 | 171.01 |
| Correlation (SPY) | 17.2% | 33.3% |
TVTX Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.07 | 1.08 | 1.37 | 1.65 | 1.20 | 1.26 |
| Up Beta | -0.72 | -0.38 | 1.85 | 0.77 | 0.42 | 0.55 |
| Down Beta | -1.07 | -0.25 | 0.65 | 0.94 | 1.38 | 1.17 |
| Up Capture | -101% | 134% | 113% | 424% | 331% | 627% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 9 | 19 | 28 | 67 | 129 | 370 |
| Down Capture | 390% | 292% | 186% | 139% | 136% | 111% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 11 | 22 | 33 | 57 | 120 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TVTX | |
|---|---|---|---|---|
| TVTX | 43.0% | 68.0% | 0.80 | - |
| Sector ETF (XLV) | 9.3% | 17.3% | 0.35 | 19.1% |
| Equity (SPY) | 15.6% | 19.3% | 0.63 | 33.2% |
| Gold (GLD) | 76.8% | 25.7% | 2.19 | 1.1% |
| Commodities (DBC) | 9.1% | 16.9% | 0.35 | 6.5% |
| Real Estate (VNQ) | 7.9% | 16.6% | 0.29 | 13.9% |
| Bitcoin (BTCUSD) | -33.3% | 45.1% | -0.76 | 14.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TVTX | |
|---|---|---|---|---|
| TVTX | 1.6% | 64.5% | 0.30 | - |
| Sector ETF (XLV) | 7.9% | 14.5% | 0.36 | 24.8% |
| Equity (SPY) | 13.4% | 17.0% | 0.62 | 29.1% |
| Gold (GLD) | 23.5% | 17.1% | 1.12 | 3.1% |
| Commodities (DBC) | 10.6% | 19.0% | 0.45 | 1.5% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 24.8% |
| Bitcoin (BTCUSD) | 4.3% | 57.1% | 0.30 | 11.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TVTX | |
|---|---|---|---|---|
| TVTX | 8.3% | 57.0% | 0.38 | - |
| Sector ETF (XLV) | 11.0% | 16.5% | 0.55 | 32.4% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 34.4% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 1.3% |
| Commodities (DBC) | 8.6% | 17.6% | 0.41 | 9.3% |
| Real Estate (VNQ) | 6.8% | 20.7% | 0.29 | 26.7% |
| Bitcoin (BTCUSD) | 65.9% | 66.7% | 1.05 | 9.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/12/2026 | -14.6% | -18.1% | -11.4% |
| 10/30/2025 | 18.6% | 12.3% | 14.6% |
| 8/6/2025 | -1.9% | 4.7% | 25.5% |
| 1/13/2025 | 2.8% | 1.5% | 31.3% |
| 10/31/2024 | -1.4% | -2.6% | 5.9% |
| 8/1/2024 | -2.6% | -7.7% | 2.5% |
| 5/6/2024 | 3.1% | -3.2% | 19.5% |
| 2/15/2024 | -6.2% | -9.2% | -17.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 13 |
| # Negative | 14 | 13 | 10 |
| Median Positive | 3.3% | 5.2% | 17.8% |
| Median Negative | -4.0% | -7.7% | -8.5% |
| Max Positive | 18.6% | 18.7% | 55.4% |
| Max Negative | -14.9% | -19.6% | -38.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 1072026 | 40.18 | 2,031 | 81,606 | 3,485,856 | Form |
| 2 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 1072026 | 37.75 | 445 | 16,799 | 3,258,240 | Form |
| 3 | Heerma, Peter | CHIEF COMMERCIAL OFFICER | Direct | Sell | 12292025 | 40.00 | 4,980 | 199,200 | 4,520,520 | Form |
| 4 | Rote, William E | Chief Research Officer | Direct | Sell | 12292025 | 40.10 | 60,000 | 2,406,180 | 4,068,169 | Form |
| 5 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 12292025 | 42.00 | 15,000 | 630,004 | 3,729,081 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.