Stock Track | Travere Therapeutics Plunges After Announcing $100M Stock Offering Despite Solid Q3 Results

Stock Track

Oct 31, 2024

Shares of Travere Therapeutics, Inc. (NASDAQ: TVTX) plummeted as much as 11.69% in pre-market trading on Wednesday, October 31, 2024, after the biopharmaceutical company announced a potential $100 million common stock offering.

The stock sell-off came despite Travere reporting solid third-quarter 2024 financial results earlier in the day. The company's quarterly earnings per share of -$0.70 met analysts' consensus estimates, while revenue of $62.9 million beat expectations of $59.7 million, driven by a 69.56% year-over-year increase.

However, investors appeared to be more focused on the company's plans to raise additional capital through a stock sale. Issuing new shares typically dilutes the ownership stake of existing shareholders, which can put downward pressure on the stock price in the near term.

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(NASDAQ: TVTX) plummeted as much as 11.69% in pre-market trading on Wednesday, October 31, 2024, after the biopharmaceutical company announced a potential $100 million common stock offering.</p>\n\n<p>The stock sell-off came despite Travere reporting solid third-quarter 2024 financial results earlier in the day. The company's quarterly earnings per share of -$0.70 met analysts' consensus estimates, while revenue of $62.9 million beat expectations of $59.7 million, driven by a 69.56% year-over-year increase.</p>\n\n<p>However, investors appeared to be more focused on the company's plans to raise additional capital through a stock sale. Issuing new shares typically dilutes the ownership stake of existing shareholders, which can put downward pressure on the stock price in the near term.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TVTX","symbol_name":"Travere Therapeutics, Inc.","start_time":0,"source_url":"","article_id":"1168742478","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1168742478","pubTimestamp":1730380702,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Travere Therapeutics, Inc.  plummeted as much as 11.69% in pre-market trading on Wednesday, October 31, 2024, after the biopharmaceutical company announced a potential $100 million common stock offering.The stock sell-off came despite Travere reporting solid third-quarter 2024 financial results earlier in the day. 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