Elizabeth E. Reed, Chief Legal Officer and General Counsel of Travere Therapeutics, Inc. (NASDAQ:TVTX), reported the sale of 46,600 shares of the company's common stock for a total of approximately $2.13 million. The disposition took place across April 14 and April 15, 2026, with transaction prices spanning $41.07 to $42.53 per share.
According to a Form 4 filing with the Securities and Exchange Commission, the specific sales were recorded as follows:
- 37,500 shares sold on April 14 at $41.07 per share;
- 7,215 shares sold at $41.9288 per share;
- 5,226 shares sold on April 15 at an average price of $41.62, with trades between $41.255 and $42.25;
- 1,559 shares sold at an average price of $42.53, with trades between $42.335 and $42.66.
Those sales followed option exercises and the vesting of restricted stock. On April 14, Reed exercised options to purchase a total of 37,500 shares of Travere common stock at strike prices of $15.46, $17.96 and $19.08, representing a combined exercise cost of $665,950. In addition, on April 13 Reed received 14,000 shares at no cost as performance restricted stock units (PSUs) vested. The PSUs vested upon the Food and Drug Administration's approval of the drug Filspari.
Travere recently secured full FDA approval for Filspari. The approval establishes Filspari as the first and only FDA-approved treatment for focal segmental glomerulosclerosis (FSGS) and covers both adult and pediatric patients aged 8 years and older without active nephrotic syndrome.
Market data cited by InvestingPro in the filing shows the company's shares have climbed 181% over the past year and are trading near a 52-week high of $43.31. The same data set indicated that, based on a Fair Value analysis, the shares remain undervalued.
Analysts have reacted to the FDA approval with several price-target adjustments and rating confirmations. Stifel increased its price target from $31 to $43 while keeping a Hold rating. Guggenheim raised its target to $54 from $49 and maintained a Buy rating. H.C. Wainwright reiterated its Buy rating with a $47 price target. Cantor Fitzgerald kept an Overweight rating, emphasizing the broad label approval for primary, genetic and secondary FSGS patients. These updates were cited by the company and reflect analyst expectations for a rapid commercial launch of Filspari.
Summary of the insider activity and corporate developments:
- Insider sales: 46,600 shares sold by the Chief Legal Officer on April 14-15, 2026, for about $2.13 million.
- Option exercise: 37,500 shares acquired through option exercises on April 14 for a total exercise cost of $665,950.
- PSU vesting: 14,000 shares issued at no cost on April 13 following FDA approval of Filspari.
- Regulatory milestone: Full FDA approval for Filspari as the first approved therapy for FSGS in eligible patients aged 8 and older without active nephrotic syndrome.
- Analyst responses: Multiple price-target revisions and maintained or reiterated Buy/Hold/Overweight ratings.
These filings and corporate developments are public disclosures made via SEC Form 4 and company announcements. The transaction details, option exercise prices, PSU vesting and analyst commentary are included in the reported filings and communications.