NEW YORK, December 30, 2025, 15:16 ET — Regular session
- Travere Therapeutics shares fell about 3.8% to $37.39 in afternoon trading, underperforming biotech ETFs.
- SEC filings dated Dec. 29 showed two executives sold shares on Dec. 24 under pre-arranged 10b5-1 plans.
- Investors are focused on a Jan. 13, 2026 FDA decision date for a potential Filspari label expansion in FSGS.
Travere Therapeutics Inc shares were down about 3.8% at $37.39 on Tuesday afternoon, extending losses after recent insider-trading disclosures. The stock traded between $37.27 and $39.20, with about 893,000 shares changing hands. 1
The selling matters because it lands just weeks before a major regulatory milestone for the rare-disease drugmaker. Traders often react to clusters of insider sales — even when they are planned — as they reassess near-term positioning.
Travere, based in San Diego, markets Filspari for a kidney disease called IgA nephropathy, and is seeking an expansion into focal segmental glomerulosclerosis (FSGS), another serious kidney disorder. A decision there could reshape expectations for 2026 revenue growth and cash needs.
A Form 4 filing — the SEC’s disclosure for insider stock transactions — showed Chief Medical Officer Jula Inrig exercised options for 15,000 shares at $8.93 and sold 15,000 shares the same day at a weighted average $42.0003 on Dec. 24. The filing showed she held 88,787 shares after the transactions. (SEC Form 4)
A separate Form 4 showed Chief Commercial Officer Pieter Heerma sold 4,980 shares at $40 on Dec. 24, leaving him with 113,013 shares, according to the filing. (SEC Form 4)
Both filings said the sales were made under Rule 10b5-1 plans — pre-arranged trading programs that set conditions for future trades and can help reduce the risk of insider-trading allegations. Such plans do not stop the market from reading insider selling as a sentiment signal, especially near binary events.
Biotech shares were broadly weaker on the day, adding to the pressure. The SPDR S&P Biotech ETF was down about 1.6% and the iShares Nasdaq Biotechnology ETF fell about 1.2% in afternoon trading.
Travere’s decline outpaced those sector gauges, suggesting company-specific positioning was also in play. The stock’s slide left it roughly $1.5 below its prior close of $38.88.
The next major catalyst is the FDA’s Prescription Drug User Fee Act (PDUFA) target action date — the deadline the agency aims to meet — of Jan. 13, 2026 for Travere’s Filspari application in FSGS, the company said. “We continue to be pleased with the progress of our sNDA review in FSGS,” Chief Executive Eric Dube said in an October update, and the company said the FDA had determined an advisory committee is no longer needed. 2
Travere has said that, if approved, Filspari would become the first FDA-approved medicine for FSGS. Investors will scrutinize any FDA language on the label, safety monitoring, and the data package supporting the expanded use.
In the near term, traders are also likely to watch for any additional year-end insider filings and updates on Filspari demand trends. Travere last provided quarterly results in late October and has not announced a date for its next earnings release.
Some market participants treat insider selling as a negative signal, but executives sell for a range of reasons, including scheduled diversification and tax planning tied to equity compensation. The filings still showed both executives retained sizeable stakes after the transactions.
From a technical standpoint, Tuesday’s low near $37.30 is an immediate level traders are watching, after sales were disclosed at prices around $40 to $42. A rebound through $39 would put the stock back near the top of its day’s range.
