Armistice Capital LLC Acquires New Shares in Trevi Therapeutics, Inc. $TRVI

Key Points

• Armistice Capital LLC acquired a new stake in Trevi Therapeutics, purchasing 2,988,000 shares valued at approximately $18.8 million, representing 2.99% of the company.
• Currently, 95.76% of Trevi's stock is owned by institutional investors, indicating strong institutional interest in the company.
• Despite mixed ratings from analysts, the stock has an average rating of "Buy" with a consensus target price of $20.11.

Armistice Capital LLC purchased a new position in shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 2,988,000 shares of the company's stock, valued at approximately $18,795,000. Armistice Capital LLC owned about 2.99% of Trevi Therapeutics at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in shares of Trevi Therapeutics in the 4th quarter valued at about $49,000. Squarepoint Ops LLC bought a new position in shares of Trevi Therapeutics in the 4th quarter valued at about $58,000. Two Sigma Advisers LP bought a new position in shares of Trevi Therapeutics in the 4th quarter valued at about $66,000. Cantor Fitzgerald L. P. bought a new position in shares of Trevi Therapeutics in the 4th quarter valued at about $82,000. Finally, ProShare Advisors LLC grew its holdings in shares of Trevi Therapeutics by 86.4% in the 4th quarter. ProShare Advisors LLC now owns 20,685 shares of the company's stock valued at $85,000 after acquiring an additional 9,589 shares in the last quarter. Institutional investors and hedge funds own 95.76% of the company's stock.

Trevi Therapeutics Price Performance

Shares of TRVI stock traded down $0.17 on Friday, reaching $7.07. 900,883 shares of the company were exchanged, compared to its average volume of 1,857,461. The company has a market cap of $860.38 million, a price-to-earnings ratio of -16.75 and a beta of 0.71. The company has a 50-day moving average of $7.04 and a 200-day moving average of $6.36. Trevi Therapeutics, Inc. has a one year low of $2.36 and a one year high of $8.78.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. As a group, sell-side analysts predict that Trevi Therapeutics, Inc. will post -0.49 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Raymond James Financial lowered their price target on Trevi Therapeutics from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a research report on Friday, August 8th. Cantor Fitzgerald initiated coverage on Trevi Therapeutics in a research report on Tuesday, July 1st. They set an "overweight" rating and a $25.00 price target on the stock. Wall Street Zen cut Trevi Therapeutics from a "hold" rating to a "sell" rating in a report on Friday, June 6th. Morgan Stanley initiated coverage on Trevi Therapeutics in a report on Thursday, August 21st. They set an "overweight" rating and a $18.00 price objective for the company. Finally, Oppenheimer restated an "outperform" rating on shares of Trevi Therapeutics in a report on Monday, June 2nd. Two analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $20.11.

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.