Assenagon Asset Management S.A. Boosts Stock Holdings in Travere Therapeutics, Inc. $TVTX

Key Points

• Assenagon Asset Management increased its Travere Therapeutics stake by 5,290.5% in the second quarter, acquiring 419,378 additional shares for a total position of 427,305 shares worth approximately $24.3 million.
• Several major institutional investors also expanded their holdings, including State Street, Perceptive Advisors, Adage Capital Partners and Renaissance Technologies, signaling strong institutional interest in TVTX.
• Travere shares opened at $61.32, near their 52-week high, while analysts maintained a “Moderate Buy” consensus with an average price target of $60.18; two directors separately sold shares under pre-arranged Rule 10b5-1 plans.

Assenagon Asset Management S.A. lifted its position in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 5,290.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 427,305 shares of the company's stock after acquiring an additional 419,378 shares during the period. Assenagon Asset Management S.A. owned approximately 0.46% of Travere Therapeutics worth $24,275,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Travere Therapeutics by 47.8% during the fourth quarter. State Street Corp now owns 4,756,666 shares of the company's stock valued at $181,752,000 after purchasing an additional 1,538,827 shares in the last quarter. Perceptive Advisors LLC raised its position in Travere Therapeutics by 12.7% in the 4th quarter. Perceptive Advisors LLC now owns 4,278,180 shares of the company's stock worth $163,469,000 after buying an additional 483,565 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in Travere Therapeutics by 27.4% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 2,784,000 shares of the company's stock worth $41,203,000 after buying an additional 599,102 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Travere Therapeutics by 28.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,246,779 shares of the company's stock valued at $85,849,000 after acquiring an additional 494,665 shares during the period. Finally, Rock Springs Capital Management LP lifted its stake in Travere Therapeutics by 2.1% during the 4th quarter. Rock Springs Capital Management LP now owns 2,210,322 shares of the company's stock valued at $84,456,000 after acquiring an additional 45,549 shares during the period.

Travere Therapeutics Stock Performance

Shares of TVTX stock opened at $61.32 on Monday. The company has a debt-to-equity ratio of 24.58, a current ratio of 4.05 and a quick ratio of 3.99. The company has a market cap of $5.78 billion, a price-to-earnings ratio of -133.30 and a beta of 1.12. Travere Therapeutics, Inc. has a 1 year low of $16.55 and a 1 year high of $66.24. The firm has a fifty day moving average price of $54.88 and a 200-day moving average price of $41.37.

Insider Activity

In other news, Director Roy D. Baynes sold 4,500 shares of Travere Therapeutics stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.00, for a total transaction of $225,000.00. Following the transaction, the director directly owned 41,500 shares of the company's stock, valued at $2,075,000. The trade was a 9.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.07, for a total value of $500,700.00. Following the transaction, the director owned 56,250 shares of the company's stock, valued at approximately $2,816,437.50. This trade represents a 15.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.44% of the stock is owned by company insiders.

Analyst Ratings Changes

TVTX has been the subject of a number of research analyst reports. Weiss Ratings lowered shares of Travere Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 23rd. Wells Fargo & Company raised their target price on shares of Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Canaccord Genuity Group upped their price objective on Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday. HC Wainwright increased their target price on Travere Therapeutics from $57.00 to $67.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Finally, Evercore reissued an "outperform" rating on shares of Travere Therapeutics in a research report on Wednesday. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.18.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc NASDAQ: TVTX is a biopharmaceutical company headquartered in San Diego, California, dedicated to the development and commercialization of therapies for rare kidney and genetic disorders. The company's mission is to address unmet needs in conditions with limited treatment options by focusing on diseases that affect small patient populations. Travere combines research, development and commercial capabilities to bring innovative medicines to market.

The company's lead product is sparsentan, a dual endothelin angiotensin receptor antagonist that has received accelerated approval from the U.S.

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