Adage Capital Partners GP L.L.C. Makes New Investment in Trevi Therapeutics, Inc. (NASDAQ:TRVI)

Adage Capital Partners GP L.L.C. bought a new position in Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,500,000 shares of the company's stock, valued at approximately $10,300,000. Adage Capital Partners GP L.L.C. owned about 3.25% of Trevi Therapeutics as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Summit Investment Advisors Inc. increased its stake in Trevi Therapeutics by 84.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,332 shares of the company's stock worth $26,000 after purchasing an additional 2,894 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Trevi Therapeutics in the fourth quarter worth approximately $49,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Trevi Therapeutics in the fourth quarter worth approximately $67,000. Jump Financial LLC acquired a new stake in shares of Trevi Therapeutics during the fourth quarter valued at approximately $89,000. Finally, Invesco Ltd. lifted its position in shares of Trevi Therapeutics by 21.2% in the 4th quarter. Invesco Ltd. now owns 23,621 shares of the company's stock valued at $97,000 after acquiring an additional 4,133 shares in the last quarter. 95.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Trevi Therapeutics

In other news, CEO Jennifer L. Good sold 5,263 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $6.58, for a total transaction of $34,630.54. Following the transaction, the chief executive officer now owns 213,313 shares of the company's stock, valued at approximately $1,403,599.54. This represents a 2.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Farrell Simon sold 81,313 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $6.75, for a total value of $548,862.75. Following the completion of the transaction, the insider now directly owns 76,900 shares in the company, valued at $519,075. The trade was a 51.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Needham & Company LLC reissued a "buy" rating and set a $24.00 target price on shares of Trevi Therapeutics in a research note on Tuesday, April 8th. Oppenheimer upped their price target on Trevi Therapeutics from $12.00 to $20.00 and gave the company an "outperform" rating in a research report on Tuesday, March 11th. Raymond James upgraded Trevi Therapeutics from an "outperform" rating to a "strong-buy" rating and raised their price objective for the stock from $9.00 to $29.00 in a research report on Monday, March 10th. B. Riley reiterated a "buy" rating and issued a $20.00 target price (up previously from $11.00) on shares of Trevi Therapeutics in a report on Wednesday, March 19th. Finally, HC Wainwright reissued a "buy" rating and issued a $12.50 price target on shares of Trevi Therapeutics in a research report on Wednesday, March 19th. Seven investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, Trevi Therapeutics has a consensus rating of "Buy" and a consensus target price of $17.56.

Trevi Therapeutics Stock Up 1.3 %

Shares of TRVI traded up $0.09 during midday trading on Friday, reaching $6.99. 1,032,778 shares of the stock were exchanged, compared to its average volume of 1,147,058. The company has a market cap of $675.81 million, a price-to-earnings ratio of -15.89 and a beta of 0.41. The firm has a 50 day simple moving average of $5.93 and a 200-day simple moving average of $4.40. Trevi Therapeutics, Inc. has a 12-month low of $2.30 and a 12-month high of $7.39.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last posted its earnings results on Tuesday, March 18th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. Research analysts expect that Trevi Therapeutics, Inc. will post -0.49 earnings per share for the current fiscal year.

Trevi Therapeutics Profile

Trevi Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapy Haduvio for the treatment of chronic cough in idiopathic pulmonary fibrosis (IPF) and refractory chronic cough (RCC) conditions targeting the central and peripheral nervous systems.