Travere Therapeutics (TVTX)
Develops and sells rare kidney-disease medicines led by FILSPARI.
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Develops rare-disease medicines, selling FILSPARI for IgA nephropathy and focal segmental glomerulosclerosis alongside tiopronin products for cystinuria. Revenue is concentrated in U.S. specialty channels, with partners commercializing FILSPARI in selected overseas markets and all production outsourced.
Develops and commercializes medicines for rare kidney and metabolic diseases. FILSPARI (sparsentan) is sold in the United States for IgA nephropathy and focal segmental glomerulosclerosis without nephrotic syndrome; Thiola and Thiola EC provide tiopronin for cystinuria. Pegtibatinase is in pivotal development for classical homocystinuria, while civorebrutinib is being investigated for immune-mediated kidney diseases.
A specialty sales force and direct-to-patient pharmacies support U.S. prescribing and access. Licensing partners handle selected markets outside the United States, producing milestones and royalties.
FILSPARI generates most product sales, while tiopronin faces increased competition. Sales depend on specialty channels and reimbursement; development and approved labels remain subject to drug regulation. Manufacturing and distribution are outsourced, with FILSPARI and Thiola relying on sole-source third parties.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 10, 2026 | Evercore ISI | Target | Target: $33 | Target: $78 |
| Aug 6, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: $23 | Target: $70 |
| Jun 25, 2026 | Guggenheim | Reiterate | Rating: —Target: $54 | Target: $65 |
| Jun 2, 2026 | H.C. Wainwright | Target | Target: $18 | Target: $67 |
| Apr 14, 2026 | Piper Sandler | Target | Target: $12 | Target: $49 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $489.2M · Total debt $616.9M · Total assets $799.4M · Shareholders' equity $24.5M
- Revenue
- $169.6M
- Operating income
- $4.0M
- Net income
- −$34.8M
No dividends on record.
| Institutions | 112.57% | 106.11M shares | |
|---|---|---|---|
| 332 holders · as of Jun 30, 2026 | |||
| Insiders | 1.55% | 1.46M shares | |
| 16 holders · as of Sep 17, 2026 | |||
| Strategic holders | 11.25% | 10.60M shares | |
| 1 holder · as of Nov 14, 2025 | |||
| Adds to | 125.37% | ||
94.26M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 125.37%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Jupiter Topco LLCInstitution | 12.01% | 11.32M | as of Jun 30, 2026 |
Janus Henderson Group PLCStrategic | 11.25% | 10.60M | filed Nov 14, 2025 |
BlackRock, Inc.Institution | 8.51% | 8.02M | as of Jun 30, 2026 |
FMR LLCInstitution | 7.53% | 7.10M | as of Jun 30, 2026 |
Bank of America Corp /DE/Institution | 4.85% | 4.57M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Elizabeth E. Reed | officer: Chief Legal Officer and GC | −37,500 | $62.34 |
| Sep 15, 2026 | Jula Inrig | officer: EVP, Head of R&D & CMO | −44,674 | $62.34 |
| Sep 17, 2026 | Peter Heerma | officer: EVP, CHIEF COMMERCIAL OFFICER | −8,282 | $65.07 |
| Sep 16, 2026 | Peter Heerma | officer: EVP, CHIEF COMMERCIAL OFFICER | −172,717 | $63.43 |
| Sep 15, 2026 | Peter Heerma | officer: EVP, CHIEF COMMERCIAL OFFICER | −102,190 | $62.26 |
- Novartis (ADR)
Approved IgAN portfolio challenges FILSPARI from two mechanisms
- Vera Therapeutics
Atacicept is a near-term biologic challenger in IgAN
- Vertex Pharmaceuticals
Povetacicept could enter IgAN with a large Phase 3 package
- Teva (ADR)
Generic tiopronin directly pressures Thiola revenue
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Travere Therapeutics | $60.28 | 0.00% | $5.85B | — | 30.4 | 9.9 | +48.2% |
| Novartis (ADR) | $141.28 | +0.01% | $267.96B | 21.3 | 15.0 | 4.8 | +0.9% |
| Vera Therapeutics | $35.31 | −2.52% | $2.46B | — | — | — | — |
| Vertex Pharmaceuticals | $515.25 | +0.03% | $129.62B | 29.7 | 26.8 | 10.3 | +12.5% |
| Teva (ADR) | $39.60 | +0.28% | $46.66B | 66.8 | 14.1 | 2.7 | −0.8% |
| Median | 29.7 | 15.0 | 4.8 | +0.9% |