Travere Therapeutics (TVTX)
Market Price (8/25/2026): $66.45 | Market Cap: $6.2 BilSector: Health Care | Industry: Biotechnology
Travere Therapeutics (TVTX)
Market Price (8/25/2026): $66.45Market Cap: $6.2 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 77% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Rare Disease Therapeutics, Biopharmaceutical R&D, Show more. | Trading close to highsDist 52W High is -1.1%, Dist 3Y High is -1.1% 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 12% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -40 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.8% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 66x Stock price has recently run up significantly6M Rtn6 month market price return is 112%, 12M Rtn12 month market price return is 264% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 103% 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 -5.2% 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 77% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Rare Disease Therapeutics, Biopharmaceutical R&D, Show more. |
| Trading close to highsDist 52W High is -1.1%, Dist 3Y High is -1.1% |
| 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 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -40 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.8% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 66x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 112%, 12M Rtn12 month market price return is 264% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 103% |
| 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 -5.2% |
| 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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Updated on 8/19/2026
Travere Therapeutics (TVTX) stock has gained about 55% since 4/30/2026 because of the following key factors:
1. U.S. FDA Approval of FILSPARI for FSGS. Travere Therapeutics received U.S. Food and Drug Administration (FDA) approval in April 2026 for FILSPARI (sparsentan) to reduce proteinuria in adult and pediatric patients aged 8 years and older with Focal Segmental Glomerulosclerosis (FSGS) without nephrotic syndrome. This marked FILSPARI as the first and only FDA-approved medicine for FSGS, a rare kidney disorder.
2. Strong Second Quarter Fiscal Year 2026 Financial Performance. On August 4, 2026, Travere Therapeutics reported robust financial results for fiscal Q2 2026 (ended June 30, 2026). The company exceeded analyst expectations with an EPS of -$0.10, topping the consensus estimate of -$0.13. Quarterly revenue surged 48.2% year-over-year to $169.58 million, surpassing analyst estimates of $157.27 million. U.S. net product sales of FILSPARI alone reached $141.1 million, demonstrating 96% year-over-year growth, driven by 2,012 new patient start forms received during the quarter.
Show more
Travere Therapeutics (TVTX) stock has gained about 55% since 4/30/2026 because of the following key factors:
1. U.S. FDA Approval of FILSPARI for FSGS. Travere Therapeutics received U.S. Food and Drug Administration (FDA) approval in April 2026 for FILSPARI (sparsentan) to reduce proteinuria in adult and pediatric patients aged 8 years and older with Focal Segmental Glomerulosclerosis (FSGS) without nephrotic syndrome. This marked FILSPARI as the first and only FDA-approved medicine for FSGS, a rare kidney disorder.
2. Strong Second Quarter Fiscal Year 2026 Financial Performance. On August 4, 2026, Travere Therapeutics reported robust financial results for fiscal Q2 2026 (ended June 30, 2026). The company exceeded analyst expectations with an EPS of -$0.10, topping the consensus estimate of -$0.13. Quarterly revenue surged 48.2% year-over-year to $169.58 million, surpassing analyst estimates of $157.27 million. U.S. net product sales of FILSPARI alone reached $141.1 million, demonstrating 96% year-over-year growth, driven by 2,012 new patient start forms received during the quarter.
Show more
Updated on 8/19/2026
Travere Therapeutics (TVTX) stock has gained about 55% since 4/30/2026 because of the following key factors:
1. U.S. FDA Approval of FILSPARI for FSGS. Travere Therapeutics received U.S. Food and Drug Administration (FDA) approval in April 2026 for FILSPARI (sparsentan) to reduce proteinuria in adult and pediatric patients aged 8 years and older with Focal Segmental Glomerulosclerosis (FSGS) without nephrotic syndrome. This marked FILSPARI as the first and only FDA-approved medicine for FSGS, a rare kidney disorder.
2. Strong Second Quarter Fiscal Year 2026 Financial Performance. On August 4, 2026, Travere Therapeutics reported robust financial results for fiscal Q2 2026 (ended June 30, 2026). The company exceeded analyst expectations with an EPS of -$0.10, topping the consensus estimate of -$0.13. Quarterly revenue surged 48.2% year-over-year to $169.58 million, surpassing analyst estimates of $157.27 million. U.S. net product sales of FILSPARI alone reached $141.1 million, demonstrating 96% year-over-year growth, driven by 2,012 new patient start forms received during the quarter.
3. Positive Analyst Ratings and Increased Price Targets. Throughout the specified period, multiple Wall Street analysts reiterated "Buy" or "Strong Buy" ratings and significantly raised their price targets for TVTX. For instance, Guggenheim increased its price target from $65.00 to $75.00, and Canaccord Genuity Group raised its target from $62.00 to $70.00 in August 2026. The consensus rating from analysts is "Strong Buy," with an average price target of $72.79 from S&P Global polled analysts.
4. Favorable Long-Term Data for FILSPARI in FSGS. In June 2026, the company presented positive long-term open-label extension data from the Phase 3 DUPLEX Study of FILSPARI in FSGS. The results showed that patients remaining on FILSPARI maintained durable reductions in proteinuria, with 37.5% achieving complete remission and 87.5% achieving partial remission over time. This data reinforced the long-term efficacy and benefits of the newly approved treatment for FSGS.
Show less
Travere Therapeutics (TVTX) stock has gained about 55% since 4/30/2026 because of the following key factors:
1. U.S. FDA Approval of FILSPARI for FSGS. Travere Therapeutics received U.S. Food and Drug Administration (FDA) approval in April 2026 for FILSPARI (sparsentan) to reduce proteinuria in adult and pediatric patients aged 8 years and older with Focal Segmental Glomerulosclerosis (FSGS) without nephrotic syndrome. This marked FILSPARI as the first and only FDA-approved medicine for FSGS, a rare kidney disorder.
2. Strong Second Quarter Fiscal Year 2026 Financial Performance. On August 4, 2026, Travere Therapeutics reported robust financial results for fiscal Q2 2026 (ended June 30, 2026). The company exceeded analyst expectations with an EPS of -$0.10, topping the consensus estimate of -$0.13. Quarterly revenue surged 48.2% year-over-year to $169.58 million, surpassing analyst estimates of $157.27 million. U.S. net product sales of FILSPARI alone reached $141.1 million, demonstrating 96% year-over-year growth, driven by 2,012 new patient start forms received during the quarter.
3. Positive Analyst Ratings and Increased Price Targets. Throughout the specified period, multiple Wall Street analysts reiterated "Buy" or "Strong Buy" ratings and significantly raised their price targets for TVTX. For instance, Guggenheim increased its price target from $65.00 to $75.00, and Canaccord Genuity Group raised its target from $62.00 to $70.00 in August 2026. The consensus rating from analysts is "Strong Buy," with an average price target of $72.79 from S&P Global polled analysts.
4. Favorable Long-Term Data for FILSPARI in FSGS. In June 2026, the company presented positive long-term open-label extension data from the Phase 3 DUPLEX Study of FILSPARI in FSGS. The results showed that patients remaining on FILSPARI maintained durable reductions in proteinuria, with 37.5% achieving complete remission and 87.5% achieving partial remission over time. This data reinforced the long-term efficacy and benefits of the newly approved treatment for FSGS.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 54.8% change in TVTX stock from 4/30/2026 to 8/24/2026 was primarily driven by a 33.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.12 | 65.22 | 54.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 491 | 591 | 20.5% |
| P/S Multiple | 7.8 | 10.3 | 33.0% |
| Shares Outstanding (Mil) | 90 | 93 | -3.4% |
| Cumulative Contribution | 54.8% |
Market Drivers
4/30/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| TVTX | 54.8% | |
| Market (SPY) | 6.2% | 14.9% |
| Sector (XLV) | 19.7% | 20.3% |
Fundamental Drivers
The 109.8% change in TVTX stock from 1/31/2026 to 8/24/2026 was primarily driven by a 62.0% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.09 | 65.22 | 109.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 436 | 591 | 35.7% |
| P/S Multiple | 6.4 | 10.3 | 62.0% |
| Shares Outstanding (Mil) | 89 | 93 | -4.5% |
| Cumulative Contribution | 109.8% |
Market Drivers
1/31/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| TVTX | 109.8% | |
| Market (SPY) | 10.6% | 28.0% |
| Sector (XLV) | 13.4% | 24.9% |
Fundamental Drivers
The 322.1% change in TVTX stock from 7/31/2025 to 8/24/2026 was primarily driven by a 116.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.45 | 65.22 | 322.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 274 | 591 | 116.2% |
| P/S Multiple | 5.0 | 10.3 | 106.6% |
| Shares Outstanding (Mil) | 88 | 93 | -5.5% |
| Cumulative Contribution | 322.1% |
Market Drivers
7/31/2025 to 8/24/2026| Return | Correlation | |
|---|---|---|
| TVTX | 322.1% | |
| Market (SPY) | 21.8% | 26.5% |
| Sector (XLV) | 35.7% | 16.7% |
Fundamental Drivers
The 279.4% change in TVTX stock from 7/31/2023 to 8/24/2026 was primarily driven by a 315.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.19 | 65.22 | 279.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 142 | 591 | 315.1% |
| P/S Multiple | 8.2 | 10.3 | 25.3% |
| Shares Outstanding (Mil) | 68 | 93 | -27.1% |
| Cumulative Contribution | 279.4% |
Market Drivers
7/31/2023 to 8/24/2026| Return | Correlation | |
|---|---|---|
| TVTX | 279.4% | |
| Market (SPY) | 72.7% | 28.8% |
| Sector (XLV) | 36.3% | 23.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TVTX Return | 14% | -32% | -57% | 94% | 119% | 72% | 141% |
| Peers Return | 13% | 1% | 5% | 13% | 85% | 3% | 156% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| TVTX Win Rate | 42% | 25% | 33% | 58% | 75% | 50% | |
| Peers Win Rate | 48% | 50% | 45% | 37% | 62% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TVTX Max Drawdown | -59% | -40% | -76% | -46% | -43% | -32% | |
| Peers Max Drawdown | -42% | -37% | -36% | -38% | -38% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 8/24/2026 (YTD)
How Low Can It Go
| Event | TVTX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.2% | -18.8% |
| % Gain to Breakeven | 72.9% | 23.1% |
| Time to Breakeven | 153 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.6% | -7.8% |
| % Gain to Breakeven | 13.2% | 8.5% |
| Time to Breakeven | 27 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -65.7% | -9.5% |
| % Gain to Breakeven | 191.7% | 10.5% |
| Time to Breakeven | 335 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.7% | -6.7% |
| % Gain to Breakeven | 40.2% | 7.1% |
| Time to Breakeven | 580 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.4% | -24.5% |
| % Gain to Breakeven | 48.0% | 32.4% |
| Time to Breakeven | 1113 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.1% | -33.7% |
| % Gain to Breakeven | 69.8% | 50.9% |
| Time to Breakeven | 98 days | 140 days |
In The Past
Travere Therapeutics's stock fell -42.2% during the 2025 US Tariff Shock. Such a loss loss requires a 72.9% gain to breakeven.
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| Event | TVTX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.2% | -18.8% |
| % Gain to Breakeven | 72.9% | 23.1% |
| Time to Breakeven | 153 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -65.7% | -9.5% |
| % Gain to Breakeven | 191.7% | 10.5% |
| Time to Breakeven | 335 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.7% | -6.7% |
| % Gain to Breakeven | 40.2% | 7.1% |
| Time to Breakeven | 580 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.4% | -24.5% |
| % Gain to Breakeven | 48.0% | 32.4% |
| Time to Breakeven | 1113 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.1% | -33.7% |
| % Gain to Breakeven | 69.8% | 50.9% |
| Time to Breakeven | 98 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.0% | -19.2% |
| % Gain to Breakeven | 28.3% | 23.8% |
| Time to Breakeven | 728 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -28.3% | -3.7% |
| % Gain to Breakeven | 39.4% | 3.9% |
| Time to Breakeven | 75 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -55.7% | -12.2% |
| % Gain to Breakeven | 125.7% | 13.9% |
| Time to Breakeven | 889 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -40.9% | -6.8% |
| % Gain to Breakeven | 69.1% | 7.3% |
| Time to Breakeven | 30 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -38.4% | -0.2% |
| % Gain to Breakeven | 62.2% | 0.2% |
| Time to Breakeven | 118 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.0% | -53.4% |
| % Gain to Breakeven | 150.0% | 114.4% |
| Time to Breakeven | 18 days | 1085 days |
In The Past
Travere Therapeutics's stock fell -42.2% during the 2025 US Tariff Shock. Such a loss loss requires a 72.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Travere Therapeutics (TVTX)
Travere Therapeutics, Inc. (TVTX) is a biopharmaceutical company focused on the identification, development, commercialization, and delivery of therapies for the treatment of rare diseases. The company's core mission is to address significant unmet medical needs within specialized patient populations by bringing innovative treatments to market.
The company currently offers several marketed products targeting distinct rare conditions. These include Chenodal, used for the treatment of radiolucent gallstones; Cholbam, prescribed for pediatric and adult patients with bile acid synthesis disorders and as an adjunctive therapy for peroxisomal disorders; and Thiola and Thiola EC, which are tiopronin tablets used to treat homozygous cystinuria, a genetic disorder causing kidney stone formation. These therapies primarily serve patients diagnosed with these specific rare metabolic and genetic disorders.
Travere Therapeutics also maintains an active pipeline of investigational treatments. Its lead product candidate, Sparsentan, is in Phase III clinical trials for two rare kidney diseases: focal segmental glomerulosclerosis (FSGS) and immunoglobulin A nephropathy (IgAN). Additionally, TVT-058, a novel enzyme replacement candidate, is undergoing Phase I/II clinical trials for the treatment of classical homocystinuria. These pipeline programs demonstrate the company's ongoing commitment to expanding its therapeutic offerings for patients suffering from various rare diseases, particularly those affecting the kidneys and metabolism.
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BioMarin for a diverse portfolio of rare disease therapies.
A specialized biotech like Vertex, but for a wider array of rare conditions.
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- Chenodal: An oral medication used to treat radiolucent stones in gallbladders.
- Cholbam: A cholic acid capsule prescribed for pediatric and adult patients with bile acid synthesis disorders and as an adjunctive treatment for peroxisomal disorders.
- Thiola / Thiola EC: Tiopronin tablets used for the treatment of homozygous cystinuria.
- Sparsentan: A product candidate in Phase III clinical trials for the treatment of focal segmental glomerulosclerosis and immunoglobulin A nephropathy.
- TVT-058: A novel investigational human enzyme replacement candidate in Phase I/II clinical trials for classical homocystinuria.
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Travere Therapeutics, Inc. (TVTX) is a biopharmaceutical company that develops and commercializes therapies for rare diseases. As such, its primary customers are not individual patients directly, but rather various entities within the healthcare supply chain that facilitate the distribution and dispensing of its prescription drugs.
The major categories of customers for Travere Therapeutics (TVTX) include:
- Pharmaceutical Wholesalers and Distributors: These companies purchase drugs in bulk from manufacturers like Travere Therapeutics and distribute them to pharmacies, hospitals, and other healthcare providers. Examples of such public companies include AmerisourceBergen (NYSE: ABC), Cardinal Health (NYSE: CAH), and McKesson Corporation (NYSE: MCK), although specific contractual relationships are not disclosed in the company description.
- Specialty Pharmacies: Given Travere's focus on rare diseases, its products often require specialized handling, storage, and patient support, making specialty pharmacies a crucial distribution channel.
- Hospitals and Clinics: Healthcare institutions may directly purchase Travere's therapies for administration to patients within their facilities or for dispensing through their own outpatient pharmacies.
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Eric Dube, Ph.D. President & Chief Executive Officer
Dr. Dube has served as President and Chief Executive Officer of Travere Therapeutics since January 2019. Prior to joining Travere, he was president and head of North America at ViiV Healthcare. He also spent over 18 years in various leadership roles at GlaxoSmithKline plc (GSK), including leading the US Oncology and Global Respiratory businesses. Dr. Dube is a co-founder of OUTBio San Diego, a group for LGBTQ biotech professionals.
Chris Cline, CFA Chief Financial Officer
Mr. Cline serves as Chief Financial Officer and a member of the executive team at Travere Therapeutics, having assumed the position in August 2022. He is responsible for corporate and strategic finance and investor relations. Mr. Cline joined Travere in 2014, previously serving as Senior Vice President, Investor Relations and Corporate Communications. Before Travere, he was part of the global investor relations group at Elan Corporation, plc (which was acquired by Perrigo Company), and the financial planning and analysis group at Phase Forward, a healthcare technology company focused on growth through mergers and acquisitions.
Jula Inrig, M.D. Chief Medical Officer
Dr. Inrig joined Travere Therapeutics in January 2022 as Chief Medical Officer. She oversees the company's medical functions, clinical development, clinical operations, and drug safety/pharmacovigilance. With over 15 years of expertise in drug development and global regulatory engagement, Dr. Inrig previously served as Global Head of the Renal Center of Excellence at IQVIA, where she was instrumental in clinical trials leading to FDA and EMA approvals.
Peter Heerma Chief Commercial Officer
Mr. Heerma has served as Chief Commercial Officer at Travere Therapeutics since October 2019. He is responsible for leading the company's commercial organization and commercialization strategy for approved products and pipeline programs. He brings over 20 years of global experience in launching therapies and managing product portfolios across various therapeutic areas at top biopharmaceutical organizations. Prior to Travere, Mr. Heerma was Global Product General Manager for oncology and cardiovascular products at Amgen, and held commercial leadership roles at AbbVie and Abbott Laboratories.
Casey Logan Chief Business Officer
Mr. Logan is Chief Business Officer at Travere Therapeutics, a role he has held since 2018. He leads corporate development, strategic planning, program management, and information technology. Before joining Travere, Mr. Logan was chief business officer at Tracon Pharmaceuticals, where he led strategic, business, and corporate development efforts, including the company's IPO in January 2015. His prior experience includes senior corporate development roles at Bird Rock Bio and Anadys Pharmaceuticals, Inc. (acquired by Roche), and a position in the corporate business development group at Eli Lilly and Company.
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The key risks for Travere Therapeutics (TVTX) primarily revolve around the success and market acceptance of its lead drug, FILSPARI (sparsentan), and the competitive landscape for its target indications.
- Regulatory Approval and Commercialization of FILSPARI for FSGS: The approval and successful commercialization of FILSPARI for Focal Segmental Glomerulosclerosis (FSGS) is a critical near-term catalyst and a significant binary risk for Travere Therapeutics. While FILSPARI is fully approved for IgA nephropathy (IgAN), the FSGS indication represents a substantial expansion of the drug's addressable market and is crucial for the company's future revenue growth. The U.S. Food and Drug Administration (FDA) recently extended its review timeline for the supplemental New Drug Application (sNDA) for FILSPARI in FSGS to April 13, 2026, due to requests for additional information regarding clinical benefit, underscoring the ongoing regulatory hurdles. The company's future prospects are highly reliant on the successful commercialization of FILSPARI and the approval of sparsentan for FSGS.
- Intensifying Competition in the IgA Nephropathy (IgAN) Market: The competitive landscape for IgAN treatments is intensifying, posing a significant challenge to FILSPARI's market share. Competitors, such as Vertex Pharmaceuticals, have reported strong Phase 3 interim data for rival IgAN drugs (e.g., povetacicept), which directly compete with FILSPARI and have already exerted pressure on Travere's stock. The emergence of new therapies, including SGLT2 inhibitors and other pathway agents, could further fragment the market and introduce headwinds for FILSPARI over time. As a smaller company, Travere may face challenges in marketing and distribution against larger pharmaceutical firms with more extensive resources.
- Hepatotoxicity and Other Safety Considerations for FILSPARI: Despite an FDA-approved modification to its Risk Evaluation and Mitigation Strategy (REMS) that reduces the frequency of liver function monitoring, FILSPARI carries a risk of hepatotoxicity. Clinical studies have observed elevations in aminotransferases (ALT or AST) in a percentage of FILSPARI-treated patients, and some other Endothelin Receptor Antagonists (ERAs) have been associated with liver failure. Due to this risk, FILSPARI remains available only through a restricted REMS program. Other safety concerns include the potential for acute kidney injury and hyperkalemia, which require periodic monitoring. While these risks are being managed, they remain important considerations that could influence prescriber and patient acceptance.
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Travere Therapeutics (TVTX) focuses on developing and commercializing therapies for rare diseases. The addressable markets for its main products and pipeline candidates are detailed below:
Sparsentan
Sparsentan is in Phase III clinical trials for the treatment of focal segmental glomerulosclerosis (FSGS) and immunoglobulin A nephropathy (IgAN). [cite: Background]
- Focal Segmental Glomerulosclerosis (FSGS): The global FSGS market size was valued at approximately USD 14.75 billion in 2024 and is projected to reach USD 27.71 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.20% during the forecast period. Another estimate places the global FSGS market at USD 15.2 billion in 2026. The FSGS treatment market is expected to grow from USD 14.95 billion in 2025 to USD 15.9 billion in 2026, with a forecast to reach USD 21.63 billion by 2031 at a CAGR of 6.34%. North America held the largest market share in 2020, and the U.S. market alone accounted for 77% of North America's revenue in 2024. The market for Sparsentan tablets specifically is projected to expand from USD 2.4 billion in 2024 to USD 7.1 billion by 2035, with a CAGR between 7.7% and 11%, primarily driven by the increasing prevalence of IgA Nephropathy and advancements in dual-acting receptor blockers. Key growth regions for Sparsentan include the U.S., Canada, UK, Australia, and Germany.
- Immunoglobulin A Nephropathy (IgAN): The IgA Nephropathy (IgAN) market across the seven major markets (7MM - United States, EU4, UK, and Japan) was valued at approximately USD 730 million in 2024 and is anticipated to grow with a significant CAGR of 30.5% to reach USD 9,655 million by 2034. The global IgA Nephropathy market is projected to grow from USD 3.8 billion in 2024 to USD 5.8 billion by 2030, at a CAGR of 6.5%. In 2024, the U.S. IgA Nephropathy market was valued at approximately USD 455 million and is expected to increase with the introduction of new therapies. It is estimated to reach USD 2.12 billion by 2030 in the U.S.
Thiola and Thiola EC
Thiola and Thiola EC are tiopronin tablets indicated for the treatment of homozygous cystinuria. [cite: Background]
- Homozygous Cystinuria: The global cystinuria treatment market was valued at USD 160.00 million in 2024 and is projected to experience a CAGR of 4.70% to reach USD 210.77 million by 2030. Another estimate indicates the cystinuria market size was USD 907.19 million in 2024 and is anticipated to grow at a CAGR of 14.80% to achieve a value of USD 3.60 billion by 2034. The tiopronin category holds the largest market share in cystinuria treatment. The global cystinuria patient base is estimated to be around 10,000–15,000 in the EU and U.S. The United States is expected to lead the global market for cystinuria during the forecast period due to the increased prevalence of the condition and ongoing research and development.
TVT-058
TVT-058 is a novel investigational human enzyme replacement candidate in Phase I/II clinical trials for the treatment of classical homocystinuria. [cite: Background]
- Classical Homocystinuria (HCU): The global homocystinuria market is anticipated to expand from USD 66.3 million in 2024 to USD 95.3 million by 2034, growing at a CAGR of approximately 4.3%. Another source projects the global homocystinuria market size to reach US$ 94.50 million by 2034 from US$ 66.25 million in 2025, with a CAGR of 4.03% during 2026–2034. North America leads this market due to advanced healthcare infrastructure and increased awareness, with Europe also experiencing substantial growth. TVT-058 (Pegtibatinase) revenue is expected to reach an annual total of USD 81 million by 2038 in the U.S. Classical homocystinuria affects approximately 1 in 200,000 to 335,000 births globally.
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Travere Therapeutics (TVTX) is poised for future revenue growth over the next 2-3 years, driven primarily by the expanding commercialization of its key product, FILSPARI, its potential label expansion, and the advancement of its pipeline.
The expected drivers of future revenue growth include:
* **Continued Growth of FILSPARI in IgA Nephropathy (IgAN)**: FILSPARI (sparsentan) has demonstrated robust commercial momentum since its launch for IgA nephropathy. In the fourth quarter of 2025, U.S. net product sales of FILSPARI reached $103.3 million, marking a 108% increase compared to the prior-year period. Total U.S. net product sales for FILSPARI for the full year 2025 were $322.0 million, representing a 144% growth over 2024. The company reported a record 908 new patient start forms (PSFs) in Q4 2025, indicating strong and sustained demand from both new and existing prescribers.
* **Potential Launch of FILSPARI for Focal Segmental Glomerulosclerosis (FSGS)**: Travere Therapeutics is actively preparing for the potential commercial launch of FILSPARI for the treatment of focal segmental glomerulosclerosis (FSGS), a rare and serious kidney disorder with no currently approved therapies. The Prescription Drug User Fee Act (PDUFA) target action date for FILSPARI in FSGS is April 13, 2026. A potential approval in FSGS is anticipated to significantly expand FILSPARI's addressable market and serve as a substantial revenue driver.
* **International Expansion of FILSPARI**: Travere is expanding FILSPARI's reach into international markets through strategic partnerships. CSL Vifor, a collaborator, has already launched FILSPARI in several European countries, including Germany, Austria, Switzerland, Luxembourg, and the UK, which entitles Travere to potential market access and sales-based milestone payments and tiered royalties. Additionally, Chugai Pharmaceutical, another partner, is expected to submit a New Drug Application for sparsentan in Japan in 2026, further extending the drug's global market presence.
* **Advancement of Pegtibatinase (TVT-058) for Classical Homocystinuria (HCU)**: Enrollment activities have resumed for the pivotal Phase 3 HARMONY Study of pegtibatinase (TVT-058) in classical homocystinuria (HCU) in the first quarter of 2026, following optimization of its manufacturing process. This product candidate represents a significant opportunity as it could become the first potentially disease-modifying therapy for patients living with classical HCU, contributing to future revenue streams if successfully developed and approved.
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Share Repurchases
- Travere Therapeutics did not repurchase any of its equity securities during the fiscal year ending December 31, 2025.
Share Issuance
- The company conducted public offerings of common stock in 2023 and 2024 to raise substantial funds.
- A common stock offering in November 2024 generated $134.7 million in net proceeds.
- The number of shares outstanding increased from 61.61 million at the end of 2021 to 89.23 million by the end of 2025.
Inbound Investments
- On October 6, 2025, PERCEPTIVE ADVISORS LLC significantly increased its stake in Travere Therapeutics by acquiring 4,061,363 shares at a price of $26.13.
- Travere Therapeutics raised a total of $275 million from a Post IPO funding round on March 8, 2022.
Outbound Investments
- Travere Therapeutics had not made any investments or acquisitions as of February 21, 2026.
Capital Expenditures
- In the third quarter of 2025, Travere Therapeutics invested $140,000 in capital expenditures, primarily for funding long-term assets and infrastructure.
Peer Outperformance in Biotechnology
TVTX has outperformed 92% of its 364 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that TVTX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
93%
of 460 industry peers · 264.0% return
3Y
91%
of 406 industry peers · 403.2% return
5Y
92%
of 364 industry peers · 213.7% return
No Biotechnology peer with a comparable growth profile has beaten TVTX by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is TVTX's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 11.5% | 85.0% | 132.2% | CAH 400% · MCK 348% · COR 189% |
| Health Care Services | 20 | 20.9% | 46.0% | 3.9% | HIMS 314% · RDNT 146% · DGX 80% |
| Managed Health Care | 8 | 32.1% | -1.6% | 3.5% | OSCR 143% · HQY 64% · ELV 16% |
| Health Care Facilities | 24 | 7.9% | -2.8% | -17.5% | THC 278% · NHC 257% · ENSG 125% |
| Health Care Equipment | 50 | -2.9% | -6.1% | -21.0% | POCI 10987% · UFPT 367% · GKOS 253% |
| Health Care Supplies | 12 | 34.1% | -12.7% | -32.6% | LNTH 301% · HAE 81% · MMSI 30% |
| Pharmaceuticals | 63 | 4.3% | 6.4% | -37.4% | LQDA 2532% · INDV 1260% · ETON 1176% |
| Life Sciences Tools & Services | 108 | -3.6% | -28.4% | -72.7% | SNWV 1827% · ELMD 249% · MEDP 243% |
| Health Care Technology | 21 | -21.8% | -55.6% | -74.4% | SPOK 125% · HSTM -1% · VEEV -24% |
| Biotechnology ← | 365 | 7.1% | -26.0% | -78.7% | BRTX 106500% · CELZ 1629% · DNTH 1519% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 75.97 |
| Mkt Cap | 11.3 |
| Rev LTM | 772 |
| Op Inc LTM | -133 |
| FCF LTM | -30 |
| FCF 3Y Avg | -192 |
| CFO LTM | 17 |
| CFO 3Y Avg | -117 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 12.5% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | -48.9% |
| Op Inc Chg 3Y Avg | -15.2% |
| Op Mgn LTM | -6.8% |
| Op Mgn 3Y Avg | -47.0% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 15.7% |
| CFO/Rev 3Y Avg | -41.2% |
| FCF/Rev LTM | 2.6% |
| FCF/Rev 3Y Avg | -47.1% |
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% | 266.0% |
| 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% | 266.0% |
Price Behavior
Price Behavior
| Market Price | $65.22 | |
| Market Cap ($ Bil) | 6.0 | |
| First Trading Date | 02/15/2008 | |
| Distance from 52W High | -1.1% | |
| 50 Days | 200 Days | |
| DMA Price | $57.24 | $40.74 |
| DMA Trend | up | up |
| Distance from DMA | 13.9% | 60.1% |
| 3M | 1YR | |
| Volatility | 45.5% | 71.7% |
| Downside Capture | -127.23 | 89.36 |
| Upside Capture | 64.98 | 222.24 |
| Correlation (SPY) | 10.7% | 27.1% |
TVTX Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.32 | 0.53 | 0.63 | 1.54 | 1.53 | 1.36 |
| Up Beta | 2.14 | 1.92 | 1.23 | 2.64 | 1.91 | 0.74 |
| Down Beta | -0.71 | 0.55 | 0.92 | 0.80 | 0.76 | 1.30 |
| Up Capture | -1% | 67% | 100% | 226% | 445% | 1069% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 23 | 31 | 63 | 131 | 371 |
| Down Capture | 24% | -48% | -33% | 81% | 99% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 20 | 31 | 62 | 119 | 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 | 268.5% | 71.6% | 2.09 | - |
| Sector ETF (XLV) | 29.3% | 16.0% | 1.41 | 16.8% |
| Equity (SPY) | 21.2% | 12.9% | 1.23 | 26.8% |
| Gold (GLD) | 39.0% | 28.8% | 1.14 | 15.7% |
| Commodities (DBC) | 40.9% | 20.2% | 1.58 | -10.4% |
| Real Estate (VNQ) | 13.9% | 13.8% | 0.70 | 9.5% |
| Bitcoin (BTCUSD) | -30.4% | 44.2% | -0.69 | 9.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TVTX | |
|---|---|---|---|---|
| TVTX | 30.1% | 66.0% | 0.68 | - |
| Sector ETF (XLV) | 6.9% | 15.1% | 0.27 | 25.9% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 29.9% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 7.3% |
| Commodities (DBC) | 10.2% | 19.6% | 0.41 | 0.4% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 25.8% |
| Bitcoin (BTCUSD) | 11.2% | 52.8% | 0.40 | 12.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TVTX | |
|---|---|---|---|---|
| TVTX | 14.4% | 58.4% | 0.48 | - |
| Sector ETF (XLV) | 10.7% | 16.7% | 0.52 | 31.6% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 33.8% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | 5.6% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 7.3% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 26.5% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 9.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 12.0% | 7.5% | |
| 5/4/2026 | -0.2% | -3.1% | 0.6% |
| 2/19/2026 | 3.7% | 1.4% | -8.4% |
| 10/30/2025 | 18.6% | 12.3% | 14.6% |
| 8/6/2025 | -1.9% | 4.7% | 25.5% |
| 2/20/2025 | -6.8% | -12.5% | -12.9% |
| 10/31/2024 | -1.4% | -2.6% | 5.9% |
| 8/1/2024 | -2.6% | -7.7% | 2.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 10 |
| Median Positive | 3.7% | 5.7% | 16.9% |
| Median Negative | -4.5% | -8.2% | -10.8% |
| Max Positive | 18.6% | 18.7% | 55.4% |
| Max Negative | -14.9% | -19.6% | -38.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 12.0% | 7.5% | |
| 5/4/2026 | -0.2% | -3.1% | 0.6% |
| 2/19/2026 | 3.7% | 1.4% | -8.4% |
| 10/30/2025 | 18.6% | 12.3% | 14.6% |
| 8/6/2025 | -1.9% | 4.7% | 25.5% |
| 2/20/2025 | -6.8% | -12.5% | -12.9% |
| 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% |
| 11/7/2023 | -11.8% | -15.2% | 20.5% |
| 8/3/2023 | -4.7% | -3.7% | -8.7% |
| 5/4/2023 | 5.2% | 1.2% | 17.8% |
| 2/23/2023 | 1.9% | 0.9% | -4.6% |
| 10/27/2022 | 2.0% | -8.2% | -15.4% |
| 8/4/2022 | 7.5% | 18.7% | 16.9% |
| 5/5/2022 | -9.6% | -12.8% | -6.9% |
| 2/24/2022 | -1.1% | -1.7% | -7.1% |
| 10/28/2021 | 8.3% | 16.2% | 7.1% |
| 7/29/2021 | -0.7% | 5.7% | 55.4% |
| 5/6/2021 | -14.9% | -19.6% | -38.9% |
| 3/1/2021 | -4.5% | -12.9% | -20.4% |
| 1/11/2021 | 1.7% | 2.7% | 11.3% |
| 11/5/2020 | 3.3% | 12.7% | 23.7% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 10 |
| Median Positive | 3.7% | 5.7% | 16.9% |
| Median Negative | -4.5% | -8.2% | -10.8% |
| 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 |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 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 |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lyons, Gary A | Direct | Sell | 8192026 | 63.37 | 5,000 | 316,860 | 3,897,382 | Form | |
| 2 | Lyons, Gary A | Direct | Sell | 8192026 | 63.20 | 5,000 | 315,986 | 3,886,623 | Form | |
| 3 | Baynes, Roy D | Direct | Sell | 6162026 | 50.00 | 4,500 | 225,000 | 2,075,000 | Form | |
| 4 | Coughlin, Timothy | Direct | Sell | 6162026 | 50.07 | 10,000 | 500,747 | 2,816,702 | Form | |
| 5 | Coughlin, Timothy | Direct | Sell | 5192026 | 43.49 | 3,250 | 141,342 | 2,272,352 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lyons, Gary A | Direct | Sell | 8192026 | 63.37 | 5,000 | 316,860 | 3,897,382 | Form | |
| 2 | Lyons, Gary A | Direct | Sell | 8192026 | 63.20 | 5,000 | 315,986 | 3,886,623 | Form | |
| 3 | Baynes, Roy D | Direct | Sell | 6162026 | 50.00 | 4,500 | 225,000 | 2,075,000 | Form | |
| 4 | Coughlin, Timothy | Direct | Sell | 6162026 | 50.07 | 10,000 | 500,747 | 2,816,702 | Form | |
| 5 | Coughlin, Timothy | Direct | Sell | 5192026 | 43.49 | 3,250 | 141,342 | 2,272,352 | Form | |
| 6 | Rote, William E | Chief Research Officer | Direct | Sell | 5062026 | 43.95 | 2,763 | 121,434 | 5,075,082 | Form |
| 7 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 5062026 | 43.95 | 2,076 | 91,240 | 4,624,023 | Form |
| 8 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 5062026 | 43.95 | 311 | 13,668 | 4,976,810 | Form |
| 9 | Dube, Eric M | CHIEF EXECUTIVE OFFICER | Direct | Sell | 5062026 | 43.95 | 22,500 | 988,875 | 19,025,340 | Form |
| 10 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 5062026 | 43.95 | 310 | 13,624 | 5,215,019 | Form |
| 11 | Baynes, Roy D | Direct | Sell | 5062026 | 46.65 | 4,500 | 209,925 | 1,749,375 | Form | |
| 12 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 5062026 | 46.65 | 2,174 | 101,417 | 5,004,939 | Form |
| 13 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 5062026 | 46.65 | 2,174 | 101,417 | 5,297,061 | Form |
| 14 | Heerma, Peter | CHIEF COMMERCIAL OFFICER | Direct | Sell | 5062026 | 46.65 | 2,174 | 101,417 | 6,562,909 | Form |
| 15 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 5062026 | 46.65 | 2,181 | 101,744 | 5,549,857 | Form |
| 16 | Meckler, Jeffrey A | Direct | Sell | 5062026 | 45.00 | 8,000 | 360,000 | 3,937,500 | Form | |
| 17 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 5062026 | 45.00 | 20,000 | 900,000 | 4,734,495 | Form |
| 18 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 5062026 | 45.00 | 20,000 | 900,000 | 5,016,285 | Form |
| 19 | Baynes, Roy D | Direct | Sell | 5042026 | 44.22 | 9,750 | 431,145 | 1,658,250 | Form | |
| 20 | Rote, William E | Chief Research Officer | Direct | Sell | 4232026 | 39.09 | 9,100 | 355,719 | 4,455,752 | Form |
| 21 | Calvin, Sandra | SVP, CHIEF ACCOUNTING OFFICER | Direct | Sell | 4162026 | 41.07 | 21,977 | 902,595 | 1,739,438 | Form |
| 22 | Lyons, Gary A | Direct | Sell | 4162026 | 41.07 | 8,000 | 328,560 | 2,361,525 | Form | |
| 23 | Baynes, Roy D | Direct | Sell | 4162026 | 41.29 | 32,750 | 1,352,130 | 1,548,240 | Form | |
| 24 | Dube, Eric M | CHIEF EXECUTIVE OFFICER | Direct | Sell | 4152026 | 41.09 | 64,000 | 2,629,975 | 17,788,741 | Form |
| 25 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 4152026 | 41.83 | 6,785 | 283,810 | 4,400,881 | Form |
| 26 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 4152026 | 42.61 | 1,014 | 43,207 | 4,981,066 | Form |
| 27 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 4152026 | 42.61 | 1,018 | 43,377 | 4,749,865 | Form |
| 28 | Heerma, Peter | CHIEF COMMERCIAL OFFICER | Direct | Sell | 4152026 | 41.93 | 7,215 | 302,516 | 5,811,667 | Form |
| 29 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 4152026 | 41.21 | 44,715 | 1,842,641 | 4,615,195 | Form |
| 30 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 4152026 | 41.93 | 7,248 | 303,892 | 4,943,825 | Form |
| 31 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 4152026 | 41.93 | 7,215 | 302,516 | 4,716,613 | Form |
| 32 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 4152026 | 28.85 | 65 | 1,875 | 3,610,895 | Form |
| 33 | Baynes, Roy D | Direct | Sell | 4072026 | 33.00 | 10,000 | 330,000 | 1,237,500 | Form | |
| 34 | Dube, Eric M | CHIEF EXECUTIVE OFFICER | Direct | Sell | 4022026 | 30.93 | 60,000 | 1,855,839 | 13,389,447 | Form |
| 35 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 4022026 | 30.00 | 10,000 | 300,000 | 3,156,330 | Form |
| 36 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 3182026 | 28.09 | 10,000 | 280,861 | 2,954,967 | Form |
| 37 | Dube, Eric M | CHIEF EXECUTIVE OFFICER | Direct | Sell | 2242026 | 30.10 | 60,000 | 1,805,766 | 13,028,180 | Form |
| 38 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 2192026 | 27.83 | 10,000 | 278,315 | 2,928,183 | Form |
| 39 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 2042026 | 32.21 | 1,779 | 57,295 | 3,404,421 | Form |
| 40 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 2042026 | 32.19 | 1,745 | 56,168 | 3,580,132 | Form |
| 41 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 2042026 | 32.18 | 2,994 | 96,359 | 3,386,101 | Form |
| 42 | Dube, Eric M | CHIEF EXECUTIVE OFFICER | Direct | Sell | 2032026 | 32.28 | 100,087 | 3,230,316 | 13,971,429 | Form |
| 43 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 2032026 | 32.12 | 6,956 | 223,427 | 3,452,418 | Form |
| 44 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 2032026 | 32.12 | 7,242 | 232,613 | 3,628,629 | Form |
| 45 | Heerma, Peter | CHIEF COMMERCIAL OFFICER | Direct | Sell | 2032026 | 32.12 | 7,310 | 234,797 | 4,234,155 | Form |
| 46 | Rote, William E | Chief Research Officer | Direct | Sell | 2032026 | 32.87 | 12,446 | 409,100 | 3,585,690 | Form |
| 47 | Calvin, Sandra | SVP, CHIEF ACCOUNTING OFFICER | Direct | Sell | 2032026 | 32.12 | 4,333 | 139,176 | 1,576,450 | Form |
| 48 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 2032026 | 32.12 | 7,175 | 230,461 | 3,475,545 | Form |
| 49 | Dube, Eric M | CHIEF EXECUTIVE OFFICER | Direct | Sell | 1272026 | 30.10 | 51,865 | 1,560,981 | 12,615,850 | Form |
| 50 | Dube, Eric M | CHIEF EXECUTIVE OFFICER | Direct | Sell | 1272026 | 30.01 | 8,135 | 244,153 | 12,580,513 | Form |
| 51 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 1212026 | 27.34 | 10,000 | 273,420 | 2,468,162 | Form |
| 52 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 1072026 | 37.75 | 445 | 16,799 | 3,258,240 | Form |
| 53 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 1072026 | 40.18 | 2,031 | 81,606 | 3,485,856 | Form |
| 54 | Heerma, Peter | CHIEF COMMERCIAL OFFICER | Direct | Sell | 12292025 | 40.00 | 4,980 | 199,200 | 4,520,520 | Form |
| 55 | Rote, William E | Chief Research Officer | Direct | Sell | 12292025 | 40.10 | 60,000 | 2,406,180 | 4,068,169 | Form |
| 56 | Inrig, Jula | CHIEF MEDICAL OFFICER | Direct | Sell | 12292025 | 42.00 | 15,000 | 630,004 | 3,729,081 | Form |
| 57 | Calvin, Sandra | SVP, CHIEF ACCOUNTING OFFICER | Direct | Sell | 12292025 | 40.00 | 7,402 | 296,080 | 1,529,320 | Form |
| 58 | Calvin, Sandra | SVP, CHIEF ACCOUNTING OFFICER | Direct | Sell | 12162025 | 36.00 | 2,910 | 104,760 | 1,642,860 | Form |
| 59 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 12032025 | 35.01 | 20,000 | 700,202 | 3,223,835 | Form |
| 60 | Calvin, Sandra | SVP, CHIEF ACCOUNTING OFFICER | Direct | Sell | 11052025 | 36.00 | 67,115 | 2,416,140 | 1,747,620 | Form |
| 61 | Coughlin, Timothy | Direct | Sell | 11032025 | 35.03 | 18,000 | 630,601 | 1,944,354 | Form | |
| 62 | Heerma, Peter | CHIEF COMMERCIAL OFFICER | Direct | Sell | 11032025 | 35.00 | 5,591 | 195,685 | 4,167,485 | Form |
| 63 | Dube, Eric M | CHIEF EXECUTIVE OFFICER | Direct | Sell | 10302025 | 30.12 | 27,128 | 817,074 | 12,625,155 | Form |
| 64 | Dube, Eric M | CHIEF EXECUTIVE OFFICER | Direct | Sell | 10302025 | 30.38 | 92,872 | 2,821,358 | 12,734,057 | Form |
| 65 | Heerma, Peter | CHIEF COMMERCIAL OFFICER | Direct | Sell | 10302025 | 30.00 | 2,662 | 79,860 | 3,739,860 | Form |
| 66 | Reed, Elizabeth E | Chief Legal Officer and GC | Direct | Sell | 9242025 | 25.00 | 10,000 | 250,000 | 2,246,950 | Form |
| 67 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 9052025 | 19.71 | 119 | 2,345 | 1,814,956 | Form |
| 68 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 9052025 | 18.20 | 454 | 8,263 | 1,678,076 | Form |
| 69 | Cline, Christopher R | CHIEF FINANCIAL OFFICER | Direct | Sell | 8282025 | 17.31 | 470 | 8,136 | 1,603,875 | Form |
Investor Activity (13F)
Updated Aug 25, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/24/2026