First Light Asset Management LLC Makes New Investment in Trevi Therapeutics, Inc. $TRVI

Key Points

• First Light Asset Management acquired 2.10 million Trevi Therapeutics shares worth approximately $39.1 million, giving it a 1.47% stake and making TRVI its 18th-largest holding. Institutional investors collectively own 95.76% of the company.
• Trevi Therapeutics reported quarterly EPS of -$0.11, in line with estimates, while analysts expect a full-year EPS loss of $0.48. The stock opened at $16.64, compared with a 52-week range of $7.64 to $20.22.
• Analyst sentiment remains favorable, with a consensus “Buy” rating and an average price target of $27.08; recent targets range from $23 to $36.

First Light Asset Management LLC acquired a new position in shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,097,215 shares of the company's stock, valued at approximately $39,113,000. Trevi Therapeutics accounts for approximately 2.4% of First Light Asset Management LLC's portfolio, making the stock its 18th largest position. First Light Asset Management LLC owned approximately 1.47% of Trevi Therapeutics at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Candriam S.C.A. acquired a new stake in Trevi Therapeutics during the 1st quarter worth approximately $9,229,000. Assenagon Asset Management S.A. acquired a new position in Trevi Therapeutics in the 2nd quarter valued at $28,447,000. Vanguard Group Inc. grew its holdings in Trevi Therapeutics by 10.4% in the 4th quarter. Vanguard Group Inc. now owns 6,434,655 shares of the company's stock valued at $80,562,000 after buying an additional 607,669 shares in the last quarter. Walleye Capital LLC bought a new position in Trevi Therapeutics during the 2nd quarter worth $4,513,000. Finally, Fifth Third Bancorp bought a new position in Trevi Therapeutics during the 1st quarter worth $1,531,000. Institutional investors and hedge funds own 95.76% of the company's stock.

Trevi Therapeutics Price Performance

Trevi Therapeutics stock opened at $16.64 on Thursday. The stock's fifty day moving average price is $17.88 and its two-hundred day moving average price is $15.15. Trevi Therapeutics, Inc. has a one year low of $7.64 and a one year high of $20.22. The firm has a market cap of $2.37 billion, a PE ratio of -48.94 and a beta of 1.04.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.11) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.11). Sell-side analysts expect that Trevi Therapeutics, Inc. will post -0.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on TRVI shares. Oppenheimer boosted their target price on shares of Trevi Therapeutics from $24.00 to $25.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. JonesTrading upped their price target on shares of Trevi Therapeutics from $24.00 to $28.00 and gave the company a "buy" rating in a research note on Friday, August 14th. BMO Capital Markets began coverage on shares of Trevi Therapeutics in a research report on Monday, July 20th. They set an "outperform" rating and a $36.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $23.00 price objective on shares of Trevi Therapeutics in a research note on Wednesday, May 20th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $23.00 price objective on shares of Trevi Therapeutics in a report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Trevi Therapeutics currently has a consensus rating of "Buy" and an average target price of $27.08.

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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