Fred Alger Management LLC Invests $482,000 in Trevi Therapeutics, Inc. $TRVI

Key Points

• Fred Alger Management LLC has invested $482,000 in Trevi Therapeutics, acquiring 76,699 shares, representing approximately 0.08% ownership as reported in their latest SEC filing.
• Multiple hedge funds have increased their stakes in Trevi Therapeutics, with notable increases from Millennium Management LLC, which boosted its holdings by 356.3% during the 1st quarter.
• Trevi Therapeutics has received mixed analyst ratings, with a consensus rating of "Buy" and a target price averaging $21.75, despite a recent downgrade from Wall Street Zen.

Fred Alger Management LLC acquired a new position in shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 76,699 shares of the company's stock, valued at approximately $482,000. Fred Alger Management LLC owned approximately 0.08% of Trevi Therapeutics as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Polar Asset Management Partners Inc. bought a new position in Trevi Therapeutics in the first quarter valued at $403,000. Millennium Management LLC boosted its holdings in shares of Trevi Therapeutics by 356.3% during the 1st quarter. Millennium Management LLC now owns 823,249 shares of the company's stock worth $5,178,000 after buying an additional 642,830 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Trevi Therapeutics by 31.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,143 shares of the company's stock worth $278,000 after buying an additional 10,445 shares during the period. AQR Capital Management LLC raised its stake in Trevi Therapeutics by 20.4% in 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 in the last quarter. Finally, MPM Bioimpact LLC raised its stake in Trevi Therapeutics by 10.8% in the 1st quarter. MPM Bioimpact LLC now owns 3,428,366 shares of the company's stock worth $21,564,000 after purchasing an additional 333,470 shares in the last quarter. Institutional investors own 95.76% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on TRVI shares. Cantor Fitzgerald started coverage on Trevi Therapeutics in a research report on Tuesday, July 1st. They issued an "overweight" rating and a $25.00 price target on the stock. Morgan Stanley initiated coverage on Trevi Therapeutics in a research report on Thursday, August 21st. They issued an "overweight" rating and a $18.00 price target on the stock. Wall Street Zen cut shares of Trevi Therapeutics from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. Needham & Company LLC dropped their target price on shares of Trevi Therapeutics from $24.00 to $22.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Finally, Oppenheimer restated an "outperform" rating on shares of Trevi Therapeutics in a research report on Monday, June 2nd. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company's stock. According to data from MarketBeat, Trevi Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $21.75.

Trevi Therapeutics Price Performance

Shares of NASDAQ:TRVI opened at $9.62 on Thursday. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -22.90 and a beta of 0.71. The firm has a 50 day simple moving average of $7.24 and a 200 day simple moving average of $6.45. Trevi Therapeutics, Inc. has a one year low of $2.36 and a one year high of $9.81.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. As a group, analysts expect that Trevi Therapeutics, Inc. will post -0.49 EPS for the current year.

Trevi Therapeutics Company 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.

Want to see what other hedge funds are holding TRVI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.