HC Wainwright Reaffirms Buy Rating for Trevi Therapeutics (NASDAQ:TRVI)

Key Points

• HC Wainwright reaffirmed a Buy rating on Trevi Therapeutics (TRVI) with a $21 price target, implying roughly a 43.25% upside from the current price.
• Consensus among analysts is an average Buy rating with a $21.50 average price target (two Strong Buy, nine Buy, one Sell).
• Institutional investors own 95.76% of the stock, and several large funds (AllianceBernstein, Rubric, Viking Global, Wellington, Marshall Wace) recently increased their stakes substantially.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They presently have a $21.00 target price on the stock. HC Wainwright's target price would suggest a potential upside of 43.25% from the stock's current price.

Several other equities research analysts have also issued reports on TRVI. Weiss Ratings reiterated a "sell (d-)" rating on shares of Trevi Therapeutics in a report on Monday, April 20th. Needham & Company LLC reduced their price target on Trevi Therapeutics from $24.00 to $23.00 and set a "buy" rating for the company in a report on Wednesday. Oppenheimer reiterated an "outperform" rating on shares of Trevi Therapeutics in a report on Monday, March 9th. Morgan Stanley reduced their price target on Trevi Therapeutics from $19.00 to $18.00 and set an "overweight" rating for the company in a report on Wednesday, March 18th. Finally, D. Boral Capital reiterated a "buy" rating and set a $19.00 price target on shares of Trevi Therapeutics in a report on Friday, April 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $21.50.

Trevi Therapeutics Price Performance

NASDAQ:TRVI opened at $14.66 on Wednesday. Trevi Therapeutics has a fifty-two week low of $5.38 and a fifty-two week high of $16.12. The stock's 50-day moving average is $12.57 and its two-hundred day moving average is $11.90. The stock has a market cap of $1.89 billion, a PE ratio of -45.81 and a beta of 1.07.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.02). On average, equities research analysts anticipate that Trevi Therapeutics will post -0.46 earnings per share for the current year.

Institutional Investors Weigh In On Trevi Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRVI. Alliancebernstein L.P. lifted its holdings in Trevi Therapeutics by 19,064.5% in the 2nd quarter. Alliancebernstein L.P. now owns 4,281,355 shares of the company's stock worth $23,419,000 after purchasing an additional 4,259,015 shares during the last quarter. Rubric Capital Management LP lifted its holdings in Trevi Therapeutics by 88.0% in the 2nd quarter. Rubric Capital Management LP now owns 8,531,860 shares of the company's stock worth $46,669,000 after purchasing an additional 3,993,325 shares during the last quarter. Viking Global Investors LP lifted its holdings in Trevi Therapeutics by 232.4% in the 3rd quarter. Viking Global Investors LP now owns 5,128,875 shares of the company's stock worth $46,929,000 after purchasing an additional 3,585,875 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Trevi Therapeutics by 1,792.0% in 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 during the last quarter. Finally, Marshall Wace LLP lifted its holdings in Trevi Therapeutics by 95.4% in 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 institutional investors and hedge funds.

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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