Assenagon Asset Management S.A. Decreases Stake in Travere Therapeutics, Inc. $TVTX

Key Points

• Assenagon Asset Management slashed its stake in Travere Therapeutics by 98.1% in the first quarter, selling more than 409,000 shares and leaving it with just 7,927 shares valued at about $236,000.
• Travere Therapeutics reported better-than-expected quarterly earnings of $0.05 per share, beating estimates, while revenue rose 55.6% year over year to $127.2 million despite missing revenue expectations.
• Wall Street sentiment remains constructive: several analysts raised price targets, and the stock currently carries a consensus rating of “Moderate Buy” with an average target price of $52.08.

Assenagon Asset Management S.A. cut its holdings in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 98.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,927 shares of the company's stock after selling 409,815 shares during the period. Assenagon Asset Management S.A.'s holdings in Travere Therapeutics were worth $236,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TVTX. Raymond James Financial Inc. bought a new stake in Travere Therapeutics during the second quarter valued at approximately $33,000. State of Wyoming purchased a new position in shares of Travere Therapeutics during the 4th quarter worth $37,000. Torren Management LLC purchased a new position in shares of Travere Therapeutics during the 4th quarter worth $38,000. Comerica Bank grew its position in shares of Travere Therapeutics by 77.5% during the 4th quarter. Comerica Bank now owns 1,127 shares of the company's stock valued at $43,000 after acquiring an additional 492 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of Travere Therapeutics by 69.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company's stock valued at $45,000 after acquiring an additional 487 shares during the period.

Travere Therapeutics Stock Down 0.0%

Shares of TVTX opened at $56.90 on Friday. The firm has a fifty day moving average price of $47.98 and a 200-day moving average price of $37.47. The company has a current ratio of 3.13, a quick ratio of 3.08 and a debt-to-equity ratio of 3.16. The firm has a market capitalization of $5.29 billion, a P/E ratio of -247.38 and a beta of 1.10. Travere Therapeutics, Inc. has a 12-month low of $14.44 and a 12-month high of $60.10.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last posted its earnings results on Monday, May 4th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.24) by $0.29. Travere Therapeutics had a negative net margin of 4.00% and a negative return on equity of 26.16%. The business had revenue of $127.20 million for the quarter, compared to the consensus estimate of $136.23 million. During the same quarter last year, the firm posted ($0.47) EPS. The company's revenue for the quarter was up 55.6% on a year-over-year basis. Equities research analysts expect that Travere Therapeutics, Inc. will post -0.25 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TVTX shares. HC Wainwright raised their target price on shares of Travere Therapeutics from $57.00 to $67.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Wells Fargo & Company upped their price target on shares of Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, June 12th. Citigroup increased their price objective on shares of Travere Therapeutics from $62.00 to $70.00 and gave the stock a "buy" rating in a research note on Monday, June 15th. Guggenheim raised their price objective on shares of Travere Therapeutics from $56.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Finally, Piper Sandler upgraded shares of Travere Therapeutics from a "neutral" rating to an "overweight" rating and set a $49.00 target price on the stock in a research note on Tuesday, April 14th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Travere Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.08.

Insider Buying and Selling

In related news, CEO Eric M. Dube sold 64,000 shares of the firm's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $41.09, for a total transaction of $2,629,760.00. Following the sale, the chief executive officer directly owned 432,886 shares of the company's stock, valued at $17,787,285.74. This trade represents a 12.88% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 Roy D. Baynes sold 32,750 shares of the business's stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $41.29, for a total transaction of $1,352,247.50. Following the completion of the sale, the director directly owned 37,500 shares of the company's stock, valued at approximately $1,548,375. The trade was a 46.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 334,515 shares of company stock worth $14,184,428 in the last quarter. 4.44% of the stock is currently owned by corporate insiders.

About Travere Therapeutics

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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