Trevi Therapeutics (NASDAQ:TRVI) Shares Gap Down - Here's Why

Key Points

• Trevi shares opened lower: TRVI gapped down from its prior close of $15.31 to $14.12, then traded at about $14.90. The article does not identify a specific catalyst for the drop.
• Analyst sentiment remained mostly positive: MarketBeat reported a “Moderate Buy” consensus and an average price target of $27.08, though one analyst downgraded the stock to Sell.
• Trevi reported quarterly EPS of -$0.13, matching consensus. Separately, a director sold 39,473 shares, reducing his stake by 86.14%.

Trevi Therapeutics, Inc. (NASDAQ:TRVI - Get Free Report) shares gapped down prior to trading on Tuesday. The stock had previously closed at $15.31, but opened at $14.12. Trevi Therapeutics shares last traded at $14.9010, with a volume of 293,435 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. BMO Capital Markets reaffirmed an "outperform" rating on shares of Trevi Therapeutics in a report on Wednesday, October 7th. HC Wainwright raised their price objective on Trevi Therapeutics from $21.00 to $24.00 and gave the company a "buy" rating in a report on Monday, July 20th. Raymond James Financial restated a "strong-buy" rating and issued a $40.00 price objective on shares of Trevi Therapeutics in a research report on Friday, August 7th. JonesTrading upped their target price on Trevi Therapeutics from $24.00 to $28.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Finally, Wall Street Zen lowered Trevi Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. 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. Based on data from MarketBeat.com, Trevi Therapeutics has an average rating of "Moderate Buy" and an average target price of $27.08.

Trevi Therapeutics Stock Performance

The stock has a market capitalization of $2.04 billion, a PE ratio of -42.12 and a beta of 1.15. The stock's 50 day moving average is $14.24 and its two-hundred day moving average is $14.41.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last posted its quarterly earnings data on Monday, November 9th. The company reported ($0.13) EPS for the quarter, hitting the consensus estimate of ($0.13). Equities research analysts expect that Trevi Therapeutics, Inc. will post -0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Trevi Therapeutics news, Director Michael Heffernan sold 39,473 shares of Trevi Therapeutics stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $15.09, for a total transaction of $595,647.57. Following the sale, the director owned 6,351 shares of the company's stock, valued at $95,836.59. The trade was a 86.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 15.39% of the company's stock.

Hedge Funds Weigh In On Trevi Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of TRVI. Oppenheimer & Co. Inc. grew its stake in shares of Trevi Therapeutics by 0.9% in the third quarter. Oppenheimer & Co. Inc. now owns 100,696 shares of the company's stock worth $1,442,000 after acquiring an additional 925 shares in the last quarter. AlphaCentric Advisors LLC lifted its stake in Trevi Therapeutics by 4.3% in the third quarter. AlphaCentric Advisors LLC now owns 25,370 shares of the company's stock worth $363,000 after acquiring an additional 1,053 shares during the last quarter. KBC Group NV acquired a new position in Trevi Therapeutics during the 1st quarter worth approximately $29,000. Arizona State Retirement System grew its holdings in Trevi Therapeutics by 12.9% during the 2nd quarter. Arizona State Retirement System now owns 26,434 shares of the company's stock worth $493,000 after acquiring an additional 3,019 shares in the last quarter. Finally, Sterling Capital Management LLC grew its holdings in Trevi Therapeutics by 848.7% during the 3rd quarter. Sterling Capital Management LLC now owns 3,567 shares of the company's stock worth $51,000 after acquiring an additional 3,191 shares in the last quarter. 95.76% of the stock is owned by hedge funds and other institutional investors.

About Trevi Therapeutics

Trevi Therapeutics, Inc is a clinical-stage biopharmaceutical company developing treatments for chronic cough and chronic itch. Its lead candidate, Haduvio (oral extended-release nalbuphine), is being studied for conditions including idiopathic pulmonary fibrosis, other interstitial lung diseases and chronic pruritus associated with prurigo nodularis.

Nalbuphine acts on opioid receptors, and Trevi is evaluating its potential to reduce these symptoms. The company's development programs are focused on clinical research; Haduvio is not an approved treatment.

Trevi is headquartered in New Haven, Connecticut, and its operations are centered on developing its drug candidate.

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