Hennion & Walsh Asset Management Inc. Raises Holdings in Travere Therapeutics, Inc. $TVTX

Key Points

• Hennion & Walsh Asset Management increased its Travere Therapeutics stake by 51.1% in the second quarter, bringing its holdings to 171,470 shares valued at approximately $9.7 million. Several other institutional investors also added or initiated positions.
• Analysts have become more bullish on TVTX, with multiple firms raising price targets to between $70 and $85. The stock carries a consensus “Moderate Buy” rating and an average price target of $60.18.
• Travere shares opened at $61.32 and are near their 52-week high of $66.24, while two directors sold shares under pre-arranged Rule 10b5-1 plans. Travere focuses on therapies for rare kidney and genetic disorders, led by its sparsentan product.

Hennion & Walsh Asset Management Inc. increased its holdings in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 51.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 171,470 shares of the company's stock after purchasing an additional 57,959 shares during the quarter. Hennion & Walsh Asset Management Inc. owned 0.18% of Travere Therapeutics worth $9,741,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. State Street Corp grew its stake in shares of Travere Therapeutics by 47.8% in the fourth quarter. State Street Corp now owns 4,756,666 shares of the company's stock valued at $181,752,000 after buying an additional 1,538,827 shares in the last quarter. Wellington Management Group LLP lifted its stake in Travere Therapeutics by 3,331.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,201,469 shares of the company's stock worth $28,715,000 after acquiring an additional 1,166,460 shares in the last quarter. Fiera Capital Corp purchased a new position in Travere Therapeutics during the 4th quarter valued at about $33,398,000. Perceptive Advisors LLC purchased a new position in Travere Therapeutics during the 2nd quarter valued at about $12,347,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Travere Therapeutics in the 2nd quarter valued at about $10,348,000.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TVTX shares. Canaccord Genuity Group raised their price objective on shares of Travere Therapeutics from $62.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday. Citigroup increased their target price on shares of Travere Therapeutics from $70.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday. Wedbush raised their price target on shares of Travere Therapeutics from $61.00 to $75.00 and gave the company an "outperform" rating in a research report on Thursday. TD Cowen boosted their price target on shares of Travere Therapeutics from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Piper Sandler upgraded shares of Travere Therapeutics from a "neutral" rating to an "overweight" rating and set a $49.00 price target for the company in a research note on Tuesday, April 14th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.18.

Travere Therapeutics Stock Performance

Shares of Travere Therapeutics stock opened at $61.32 on Friday. Travere Therapeutics, Inc. has a one year low of $16.55 and a one year high of $66.24. The company has a market cap of $5.78 billion, a PE ratio of -133.30 and a beta of 1.12. The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.08 and a current ratio of 4.05. The business has a 50-day simple moving average of $54.88 and a 200-day simple moving average of $41.28.

Insider Buying and Selling

In other Travere Therapeutics news, 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 transaction of $500,700.00. Following the completion of the transaction, the director owned 56,250 shares in the company, valued at $2,816,437.50. The trade was a 15.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Roy D. Baynes sold 4,500 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $50.00, for a total transaction of $225,000.00. Following the completion of the sale, the director directly owned 41,500 shares in the company, valued at approximately $2,075,000. This represents 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.

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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