Bank of America Corp DE Invests $28.59 Million in Trevi Therapeutics, Inc. $TRVI

Key Points

• Bank of America bought a new $28.59 million stake in Trevi Therapeutics during the second quarter, acquiring 1.53 million shares, or 1.08% of the company. Institutional investors collectively own 95.76% of TRVI.
• Trevi shares opened at $15.24, with the stock trading between $8.24 and $20.22 over the past year. The company met quarterly expectations with a loss of $0.11 per share, while analysts expect a full-year loss of $0.48 per share.
• Analyst sentiment remains favorable, with a consensus rating of “Buy” and an average price target of $27.08, supported by Trevi’s development of Haduvio for chronic cough conditions.

Bank of America Corp DE bought a new stake in shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,532,889 shares of the company's stock, valued at approximately $28,588,000. Bank of America Corp DE owned 1.08% of Trevi Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TRVI. Jupiter Topco LLC purchased a new position in shares of Trevi Therapeutics during the second quarter valued at about $22,188,000. J. Goldman & Co LP purchased a new stake in Trevi Therapeutics in the second quarter worth about $1,511,000. Hsbc Holdings PLC purchased a new stake in Trevi Therapeutics in the second quarter worth about $199,000. Legal & General Group Plc bought a new stake in Trevi Therapeutics during the 2nd quarter valued at approximately $1,477,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Trevi Therapeutics during the 2nd quarter valued at approximately $925,000. Hedge funds and other institutional investors own 95.76% of the company's stock.

Trevi Therapeutics Stock Up 2.4%

Shares of TRVI opened at $15.24 on Wednesday. Trevi Therapeutics, Inc. has a twelve month low of $8.24 and a twelve month high of $20.22. The company has a market capitalization of $2.17 billion, a P/E ratio of -44.82 and a beta of 1.04. The firm has a 50 day moving average of $17.39 and a 200 day moving average of $15.38.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). On average, sell-side analysts expect that Trevi Therapeutics, Inc. will post -0.48 EPS for the current year.

Insider Activity at Trevi Therapeutics

In related news, Director Michael Heffernan sold 39,473 shares of Trevi Therapeutics stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $15.09, for a total value of $595,647.57. Following the completion of the sale, the director directly owned 6,351 shares in the company, valued at approximately $95,836.59. This trade represents a 86.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TRVI shares. BMO Capital Markets began coverage on Trevi Therapeutics in a report on Monday, July 20th. They set an "outperform" rating and a $36.00 target price on the stock. B. Riley Financial lifted their price target on Trevi Therapeutics from $21.00 to $31.00 and gave the company a "buy" rating in a research report on Monday, July 20th. HC Wainwright upped their price target on Trevi Therapeutics from $21.00 to $24.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Trevi Therapeutics in a report on Friday, July 17th. Finally, Morgan Stanley reissued an "overweight" rating and set a $23.00 price objective on shares of Trevi Therapeutics in a research report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $27.08.

Trevi Therapeutics Company Profile

Trevi Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for chronic cough and other conditions involving dysregulated sensory nerve activity. The company's lead product candidate is Haduvio, an oral extended-release formulation of nalbuphine designed to reduce chronic cough through activity at opioid receptors.

Trevi is studying Haduvio for chronic cough associated with idiopathic pulmonary fibrosis, a progressive lung disease, as well as refractory chronic cough, a condition in which coughing persists despite treatment of underlying causes.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.