Panagora Asset Management Inc. Purchases 219,600 Shares of Trevi Therapeutics, Inc. $TRVI

Key Points

• Panagora Asset Management Inc. increased its stake in Trevi Therapeutics by 182.5%, owning 339,904 shares worth approximately $2.14 million after purchasing 219,600 additional shares in the first quarter.
• Analysts have mixed opinions on Trevi Therapeutics, with Needham & Company and Raymond James Financial lowering their price targets, while the stock maintains a consensus rating of "Buy".
• Trevi Therapeutics reported a loss of $0.09 earnings per share for the most recent quarter, surpassing analysts' expectations of a loss of $0.10 per share.

Panagora Asset Management Inc. grew its holdings in Trevi Therapeutics, Inc. (NASDAQ:TRVI - Free Report) by 182.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 339,904 shares of the company's stock after purchasing an additional 219,600 shares during the quarter. Panagora Asset Management Inc. owned about 0.34% of Trevi Therapeutics worth $2,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Affinity Asset Advisors LLC acquired a new position in Trevi Therapeutics during the 1st quarter worth approximately $7,862,000. Corebridge Financial Inc. raised its stake in Trevi Therapeutics by 21.3% during the 1st quarter. Corebridge Financial Inc. now owns 36,503 shares of the company's stock worth $230,000 after buying an additional 6,412 shares during the period. MetLife Investment Management LLC raised its stake in Trevi Therapeutics by 15.1% during the 1st quarter. MetLife Investment Management LLC now owns 44,656 shares of the company's stock worth $281,000 after buying an additional 5,871 shares during the period. Jump Financial LLC raised its stake in Trevi Therapeutics by 644.9% during the 1st quarter. Jump Financial LLC now owns 160,815 shares of the company's stock worth $1,012,000 after buying an additional 139,226 shares during the period. Finally, Wellington Management Group LLP acquired a new position in Trevi Therapeutics during the 1st quarter worth approximately $802,000. 95.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TRVI. Needham & Company LLC dropped their price target on Trevi Therapeutics from $24.00 to $22.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Cantor Fitzgerald began coverage on Trevi Therapeutics in a research note on Tuesday, July 1st. They set an "overweight" rating and a $25.00 price target on the stock. Oppenheimer reaffirmed an "outperform" rating on shares of Trevi Therapeutics in a research note on Monday, June 2nd. D. Boral Capital reissued a "buy" rating and issued a $21.00 price objective on shares of Trevi Therapeutics in a research note on Monday, June 2nd. Finally, Morgan Stanley assumed coverage on Trevi Therapeutics in a research note on Thursday, August 21st. They issued an "overweight" rating and a $18.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. Based on data from MarketBeat.com, Trevi Therapeutics has a consensus rating of "Buy" and a consensus price target of $20.11.

Trevi Therapeutics Trading Up 4.4%

Shares of TRVI stock traded up $0.31 during trading on Monday, hitting $7.32. The company's stock had a trading volume of 443,280 shares, compared to its average volume of 1,853,069. The company has a market cap of $891.43 million, a PE ratio of -17.45 and a beta of 0.71. The business has a fifty day moving average of $7.07 and a 200-day moving average of $6.40. Trevi Therapeutics, Inc. has a 52 week low of $2.36 and a 52 week high of $8.78.

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

About Trevi Therapeutics

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.