Travere Therapeutics, Inc. $TVTX Position Lifted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Travere Therapeutics stake by 168.1% in the third quarter, adding 718,109 shares to own 1.15 million shares worth approximately $67.4 million. Several other institutional investors also initiated or expanded positions.
• Analysts remain broadly optimistic, with ten Buy ratings, one Hold, and one Sell; the stock carries a “Moderate Buy” consensus and a $69.50 average price target, while several firms recently raised targets as high as $89.
• TVTX shares opened at $49.60 after falling 6%, despite quarterly revenue rising 48.2% year over year to $169.6 million and adjusted EPS exceeding expectations. Insiders sold about 1.05 million shares worth $66.3 million over the past 90 days.

Assenagon Asset Management S.A. grew its holdings in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX - Free Report) by 168.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,145,414 shares of the company's stock after acquiring an additional 718,109 shares during the period. Assenagon Asset Management S.A. owned about 1.22% of Travere Therapeutics worth $67,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. S&CO Inc. bought a new position in shares of Travere Therapeutics in the second quarter worth about $3,181,000. Artia Global Partners LP purchased a new position in shares of Travere Therapeutics during the 2nd quarter valued at about $19,260,000. Bank of America Corp DE bought a new position in shares of Travere Therapeutics during the 2nd quarter valued at approximately $259,527,000. Elmind Capital LP bought a new position in shares of Travere Therapeutics during the 2nd quarter valued at approximately $16,622,606. Finally, Jupiter Topco LLC bought a new position in shares of Travere Therapeutics during the 2nd quarter valued at approximately $643,299,000.

Analysts Set New Price Targets

A number of research firms have commented on TVTX. Evercore set a $78.00 target price on shares of Travere Therapeutics in a research note on Monday, August 10th. Piper Sandler reiterated an "overweight" rating on shares of Travere Therapeutics in a research report on Monday, August 17th. Wedbush reiterated an "outperform" rating and issued a $76.00 price target on shares of Travere Therapeutics in a research report on Tuesday, September 22nd. Citigroup increased their price objective on shares of Travere Therapeutics from $70.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Finally, Guggenheim raised their price objective on shares of Travere Therapeutics from $75.00 to $89.00 and gave the company a "buy" rating in a research report on Thursday, September 24th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $69.50.

Insider Activity at Travere Therapeutics

In other Travere Therapeutics news, insider William Rote sold 112,850 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $63.33, for a total transaction of $7,146,790.50. Following the sale, the insider directly owned 98,197 shares of the company's stock, valued at $6,218,816.01. The trade was a 53.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Reed sold 37,500 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $62.34, for a total value of $2,337,750.00. Following the sale, the insider owned 105,389 shares in the company, valued at approximately $6,569,950.26. This trade represents a 26.24% decrease in their ownership of the stock. 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 sold a total of 1,050,294 shares of company stock valued at $66,336,443 over the last ninety days. 4.44% of the stock is currently owned by company insiders.

Travere Therapeutics Trading Down 6.0%

Shares of TVTX opened at $49.60 on Friday. The stock has a market capitalization of $4.68 billion, a PE ratio of -107.82 and a beta of 1.13. The company's fifty day moving average is $61.45 and its 200 day moving average is $52.60. The company has a debt-to-equity ratio of 24.58, a quick ratio of 3.99 and a current ratio of 4.05. Travere Therapeutics, Inc. has a fifty-two week low of $22.59 and a fifty-two week high of $68.73.

Travere Therapeutics (NASDAQ:TVTX - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.03. Travere Therapeutics had a negative net margin of 7.35% and a negative return on equity of 55.15%. The business had revenue of $169.58 million during the quarter, compared to analyst estimates of $157.27 million. During the same quarter last year, the business earned $0.13 earnings per share. Travere Therapeutics's quarterly revenue was up 48.2% compared to the same quarter last year. Sell-side analysts expect that Travere Therapeutics, Inc. will post -0.54 earnings per share for the current fiscal year.

Travere Therapeutics Company Profile

Travere Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare kidney and immune-mediated diseases. The company's work centers on conditions with limited treatment options, including IgA nephropathy (IgAN) and focal segmental glomerulosclerosis (FSGS).

Travere's lead commercial product is FILSPARI (sparsentan), an oral treatment approved in the United States for certain adults with primary IgAN who are at risk of disease progression.

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