Hennion & Walsh Asset Management Inc. Boosts Position in Travere Therapeutics, Inc. $TVTX

Hennion & Walsh Asset Management Inc. increased its holdings in shares of Travere Therapeutics, Inc. (NASDAQ:TVTX) by 51.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & 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.’s holdings in Travere Therapeutics were worth $9,741,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in Travere Therapeutics during the second quarter worth approximately $33,000. GAMMA Investing LLC boosted its holdings in shares of Travere Therapeutics by 53.4% in the 2nd quarter. GAMMA Investing LLC now owns 606 shares of the company’s stock valued at $34,000 after buying an additional 211 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of Travere Therapeutics in the 1st quarter valued at $35,000. State of Wyoming purchased a new position in shares of Travere Therapeutics in the 4th quarter valued at $37,000. Finally, Torren Management LLC purchased a new position in shares of Travere Therapeutics in the 4th quarter valued at $38,000.

Insider Activity

In related news, Director Roy D. Baynes sold 4,500 shares of the firm’s 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 owned 41,500 shares of the company’s stock, valued at $2,075,000. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy Coughlin sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $50.07, for a total value of $500,700.00. Following the transaction, the director directly owned 56,250 shares in the company, valued at approximately $2,816,437.50. This represents a 15.09% decrease in their position. 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 currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Evercore reissued an “outperform” rating on shares of Travere Therapeutics in a research report on Wednesday. Weiss Ratings lowered Travere Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 23rd. Citigroup lifted their target price on Travere Therapeutics from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday. HC Wainwright boosted 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, Canaccord Genuity Group upped their target price on Travere Therapeutics from $62.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday. 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.18.

Travere Therapeutics Trading Down 1.8%

Shares of Travere Therapeutics stock opened at $61.32 on Friday. 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 company has a market capitalization of $5.78 billion, a P/E 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 company’s fifty day moving average is $54.88 and its two-hundred day moving average is $41.28.

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.