Handelsbanken Fonder AB Invests $2.10 Million in Travere Therapeutics, Inc. $TVTX

Key Points

• Handelsbanken Fonder AB acquired 37,000 shares of Travere Therapeutics in the second quarter, worth approximately $2.10 million. Several other major institutional investors also increased their positions.
• Analysts remain broadly positive, with 10 Buy ratings, two Holds and one Sell; the consensus rating is Moderate Buy with an average price target of $61.67, while recent targets range from $65 to $85.
• TVTX opened at $62.14 and has climbed substantially from its 12-month low of $17.05, trading near its $66.24 high. Two directors sold shares under pre-arranged Rule 10b5-1 plans, and insiders own 4.44% of the company.

Handelsbanken Fonder AB acquired a new stake in Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 37,000 shares of the company's stock, valued at approximately $2,102,000.

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

Analysts Set New Price Targets

Several brokerages have commented on TVTX. Wedbush lifted their target price on Travere Therapeutics from $61.00 to $75.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Evercore set a $78.00 price target on Travere Therapeutics in a research note on Monday, August 10th. Citigroup raised their price objective on Travere Therapeutics from $70.00 to $85.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Wells Fargo & Company lifted their price objective on Travere Therapeutics from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. Finally, HC Wainwright upped 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. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $61.67.

Insider Transactions at Travere Therapeutics

In related news, Director Timothy Coughlin sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $50.07, for a total transaction of $500,700.00. Following the completion of the sale, the director owned 56,250 shares of the company's stock, valued at $2,816,437.50. This trade represents a 15.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 4,500 shares of Travere Therapeutics stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $50.00, for a total value of $225,000.00. Following the completion of the sale, the director owned 41,500 shares of the company's stock, valued at approximately $2,075,000. The trade was a 9.78% 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 insiders.

Travere Therapeutics Price Performance

TVTX stock opened at $62.14 on Monday. The firm has a market cap of $5.86 billion, a price-to-earnings ratio of -135.08 and a beta of 1.12. The company has a quick ratio of 3.99, a current ratio of 4.05 and a debt-to-equity ratio of 24.58. Travere Therapeutics, Inc. has a 12-month low of $17.05 and a 12-month high of $66.24. The company's fifty day simple moving average is $56.51 and its 200 day simple moving average is $42.51.

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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