Trevi Therapeutics, Inc. $TRVI Stock: Assenagon Asset Management S.A. Raises Stake

Key Points

• Assenagon Asset Management more than doubled its Trevi Therapeutics stake during the third quarter, adding 2.0 million shares to own 3.53 million shares valued at approximately $50.5 million.
• Institutional ownership remains high at 95.76%, while analysts maintain a generally bullish outlook with a consensus “Moderate Buy” rating and an average price target of $27.08.
• Trevi shares opened at $11.88, down 1.9%, well below their 12-month high of $20.22. The clinical-stage company is developing Haduvio, a potential treatment for chronic cough linked to idiopathic pulmonary fibrosis and refractory chronic cough.

Assenagon Asset Management S.A. raised its holdings in Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) by 131.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,527,035 shares of the company's stock after buying an additional 2,001,721 shares during the quarter. Assenagon Asset Management S.A. owned 2.48% of Trevi Therapeutics worth $50,507,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. First Light Asset Management LLC acquired a new position in shares of Trevi Therapeutics during the 2nd quarter valued at $39,113,000. WINTON GROUP Ltd acquired a new stake in Trevi Therapeutics in the second quarter worth $1,993,000. Arizona State Retirement System increased its stake in Trevi Therapeutics by 12.9% in the second quarter. Arizona State Retirement System now owns 26,434 shares of the company's stock valued at $493,000 after purchasing an additional 3,019 shares in the last quarter. Amundi bought a new stake in Trevi Therapeutics in the second quarter valued at $192,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Trevi Therapeutics by 18.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 183,225 shares of the company's stock valued at $3,417,000 after purchasing an additional 29,057 shares in the last quarter. 95.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on TRVI shares. Cantor Fitzgerald raised their target price on Trevi Therapeutics from $25.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. JonesTrading boosted their target price on Trevi Therapeutics from $24.00 to $28.00 and gave the company a "buy" rating in a research report on Friday, August 14th. HC Wainwright upped their price target on Trevi Therapeutics from $21.00 to $24.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. BMO Capital Markets reiterated an "outperform" rating on shares of Trevi Therapeutics in a report on Wednesday, October 7th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $40.00 price target on shares of Trevi Therapeutics in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Trevi Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $27.08.

Insider Transactions at Trevi Therapeutics

In related news, Director Michael Heffernan sold 39,473 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $15.09, for a total transaction of $595,647.57. Following the completion of the sale, the director owned 6,351 shares in the company, valued at approximately $95,836.59. This trade represents a 86.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 15.39% of the stock is owned by company insiders.

Trevi Therapeutics Trading Down 1.9%

Shares of Trevi Therapeutics stock opened at $11.88 on Friday. The company has a market capitalization of $1.69 billion, a P/E ratio of -34.94 and a beta of 0.98. The stock has a fifty day simple moving average of $15.73 and a 200 day simple moving average of $15.60. Trevi Therapeutics, Inc. has a 12-month low of $9.82 and a 12-month high of $20.22.

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

About Trevi Therapeutics

Trevi Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for conditions involving chronic cough and other debilitating symptoms for which available treatment options are limited. The company's lead product candidate is Haduvio, an extended-release formulation of nalbuphine, an opioid receptor modulator being investigated as a potential treatment for chronic cough.

Trevi is evaluating Haduvio for chronic cough associated with idiopathic pulmonary fibrosis (IPF), a progressive lung disease, as well as refractory chronic cough, which persists despite treatment of underlying conditions.

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