BlackRock Inc. Acquires New Position in Trevi Therapeutics, Inc. $TRVI

Key Points

• BlackRock acquired 11.16 million Trevi Therapeutics shares worth approximately $208 million, giving it a 7.86% stake. Institutional investors collectively own 95.76% of TRVI.
• Analysts remain broadly bullish, with the stock receiving an average “Buy” rating and a consensus price target of $27.08; individual targets range from $23 to $40.
• TRVI opened at $17.96, near its $18.05 50-day moving average, while Trevi reported a quarterly loss of $0.11 per share, in line with analyst expectations.

BlackRock Inc. bought a new position in shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,155,026 shares of the company's stock, valued at approximately $208,041,000. BlackRock Inc. owned 7.86% of Trevi Therapeutics at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted 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 valued at $174,000 after acquiring an additional 4,688 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 period. Millennium Management LLC grew its holdings in shares of Trevi Therapeutics by 356.3% in the 1st quarter. Millennium Management LLC now owns 823,249 shares of the company's stock worth $5,178,000 after acquiring an additional 642,830 shares during the period. Strs Ohio purchased a new position in Trevi Therapeutics in the 1st quarter valued at approximately $52,000. Finally, Creative Planning increased its stake in Trevi Therapeutics by 17.5% in the 2nd quarter. Creative Planning now owns 20,247 shares of the company's stock valued at $111,000 after purchasing an additional 3,016 shares in the last quarter. 95.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TRVI shares. BMO Capital Markets started coverage on shares of Trevi Therapeutics in a research report on Monday, July 20th. They issued an "outperform" rating and a $36.00 price objective on the stock. Raymond James Financial restated a "strong-buy" rating and set a $40.00 target price on shares of Trevi Therapeutics in a research report on Friday, August 7th. Morgan Stanley reiterated an "overweight" rating and issued a $23.00 price target on shares of Trevi Therapeutics in a research report on Friday, August 7th. HC Wainwright raised their price objective on shares of Trevi Therapeutics from $21.00 to $24.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Needham & Company LLC restated a "buy" rating and set a $23.00 price objective on shares of Trevi Therapeutics in a research report on Wednesday, May 20th. 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 company. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $27.08.

Trevi Therapeutics Trading Up 0.2%

NASDAQ:TRVI opened at $17.96 on Friday. Trevi Therapeutics, Inc. has a 12-month low of $6.93 and a 12-month high of $20.22. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of -52.82 and a beta of 1.03. The company's 50-day moving average is $18.05 and its two-hundred day moving average is $14.76.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.11) EPS for the quarter, hitting analysts' consensus estimates of ($0.11). On average, equities research analysts forecast that Trevi Therapeutics, Inc. will post -0.48 earnings per share for the current fiscal year.

About Trevi Therapeutics

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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