Octagon Capital Advisors LP Reduces Stock Holdings in Trevi Therapeutics, Inc. $TRVI

Key Points

• Octagon Capital Advisors LP cut its Trevi Therapeutics stake by 47.2% in the first quarter, selling 1.33 million shares and retaining 1.485 million shares valued at approximately $17.7 million.
• Institutional ownership remains high at 95.76%, with several major investors—including AllianceBernstein, Rubric Capital, Viking Global and Wellington Management—substantially increasing their positions.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a $24.91 consensus price target, although Trevi recently missed quarterly EPS expectations and one firm downgraded the stock to “Sell.”

Octagon Capital Advisors LP lessened its position in shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) by 47.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,485,000 shares of the company's stock after selling 1,330,000 shares during the quarter. Trevi Therapeutics makes up about 2.0% of Octagon Capital Advisors LP's holdings, making the stock its 17th largest position. Octagon Capital Advisors LP owned about 1.05% of Trevi Therapeutics worth $17,716,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Alliancebernstein L.P. raised its position in Trevi Therapeutics by 19,064.5% during the second quarter. Alliancebernstein L.P. now owns 4,281,355 shares of the company's stock worth $23,419,000 after acquiring an additional 4,259,015 shares during the last quarter. Rubric Capital Management LP grew its position in shares of Trevi Therapeutics by 88.0% in the second quarter. Rubric Capital Management LP now owns 8,531,860 shares of the company's stock valued at $46,669,000 after purchasing an additional 3,993,325 shares during the last quarter. Viking Global Investors LP grew its position in shares of Trevi Therapeutics by 232.4% in the third quarter. Viking Global Investors LP now owns 5,128,875 shares of the company's stock valued at $46,929,000 after purchasing an additional 3,585,875 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Trevi Therapeutics by 1,792.0% during the 3rd quarter. Wellington Management Group LLP now owns 3,253,888 shares of the company's stock worth $29,773,000 after purchasing an additional 3,081,906 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Trevi Therapeutics by 95.4% during the 3rd quarter. Marshall Wace LLP now owns 4,841,751 shares of the company's stock worth $44,302,000 after purchasing an additional 2,363,835 shares during the last quarter. 95.76% of the stock is currently owned by hedge funds and other institutional investors.

Trevi Therapeutics Trading Down 0.1%

Trevi Therapeutics stock opened at $17.53 on Monday. The stock has a fifty day moving average price of $16.11 and a 200 day moving average price of $13.51. Trevi Therapeutics, Inc. has a 52 week low of $6.55 and a 52 week high of $20.22. The firm has a market capitalization of $2.49 billion, a P/E ratio of -54.78 and a beta of 1.00.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.02). As a group, equities analysts predict that Trevi Therapeutics, Inc. will post -0.47 EPS for the current year.

Analysts Set New Price Targets

TRVI has been the topic of a number of recent research reports. Wall Street Zen lowered Trevi Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday. B. Riley Financial raised their price target on Trevi Therapeutics from $21.00 to $31.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Stifel Nicolaus set a $30.00 price target on Trevi Therapeutics in a report on Friday, May 8th. Needham & Company LLC restated a "buy" rating and issued a $23.00 price objective on shares of Trevi Therapeutics in a research report on Wednesday, May 20th. Finally, BMO Capital Markets started coverage on Trevi Therapeutics in a research note on Monday, July 20th. They set an "outperform" rating and a $36.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Trevi Therapeutics currently has an average rating of "Buy" and a consensus price target of $24.91.

Trevi Therapeutics 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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