Bank of New York Mellon Corp Invests $5.72 Million in Trevi Therapeutics, Inc. $TRVI

Key Points

• Bank of New York Mellon acquired 306,681 shares of Trevi Therapeutics valued at approximately $5.72 million, representing about 0.22% of the company.
• Institutional ownership remains high at 95.76%, with Millennium Management increasing its stake by 356.3% and several other funds also adding shares.
• Analysts maintain a generally positive outlook, with Trevi receiving a consensus “Buy” rating and an average price target of $27.08 versus a recent share price of $17.26.

Bank of New York Mellon Corp acquired a new stake in Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 306,681 shares of the company's stock, valued at approximately $5,720,000. Bank of New York Mellon Corp owned about 0.22% of Trevi Therapeutics at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in shares of Trevi Therapeutics by 20.4% during the 1st quarter. AQR Capital Management LLC now owns 27,720 shares of the company's stock worth $174,000 after purchasing an additional 4,688 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Trevi Therapeutics by 31.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,143 shares of the company's stock worth $278,000 after acquiring an additional 10,445 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Trevi Therapeutics by 356.3% in the first quarter. Millennium Management LLC now owns 823,249 shares of the company's stock valued at $5,178,000 after purchasing an additional 642,830 shares during the period. Strs Ohio acquired a new position in Trevi Therapeutics during the 1st quarter worth $52,000. Finally, Creative Planning raised its holdings in Trevi Therapeutics by 17.5% in the second quarter. Creative Planning now owns 20,247 shares of the company's stock valued at $111,000 after acquiring an additional 3,016 shares in the last quarter. Hedge funds and other institutional investors own 95.76% of the company's stock.

Wall Street Analyst Weigh In

TRVI has been the subject of several research reports. Wall Street Zen downgraded shares of Trevi Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. HC Wainwright raised their price target on Trevi Therapeutics from $21.00 to $24.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Oppenheimer boosted their price target on Trevi Therapeutics from $24.00 to $25.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Stifel Nicolaus set a $30.00 price target on Trevi Therapeutics in a research note on Friday, May 8th. Finally, BMO Capital Markets began coverage on shares of Trevi Therapeutics in a research note on Monday, July 20th. They set an "outperform" rating and a $36.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Trevi Therapeutics presently has an average rating of "Buy" and a consensus price target of $27.08.

Trevi Therapeutics Stock Performance

Shares of NASDAQ:TRVI opened at $17.26 on Friday. Trevi Therapeutics, Inc. has a one year low of $6.93 and a one year high of $20.22. The company has a market capitalization of $2.46 billion, a PE ratio of -50.76 and a beta of 1.04. The stock has a fifty day moving average of $17.96 and a 200-day moving average of $14.98.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). As a group, research analysts forecast that Trevi Therapeutics, Inc. will post -0.48 EPS for the current fiscal year.

Trevi Therapeutics Company Profile

Trevi Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the development of novel non-opioid therapies for the management of chronic and acute pain. The company leverages proprietary drug delivery platforms and targeted molecular approaches to address high unmet needs in cancer-related pain, chemotherapy-induced neuropathy and other severe pain conditions.

Its lead product candidate is a proprietary formulation of tetrodotoxin (TTX), a sodium-channel blocking agent being evaluated in early-stage clinical trials for moderate-to-severe pain associated with advanced cancer and peripheral neuropathy.

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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.

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