Trevi Therapeutics (NASDAQ:TRVI) Stock Price Up 8.7% - Here's Why

Key Points

• Trevi Therapeutics shares rose 8.7% to about $12.94 in mid-day trading, despite trading volume running 62% below its average.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $27.08; however, Weiss Ratings maintained a “sell” rating.
• Institutional investors own 95.76% of the company, while Trevi continues developing Haduvio, its lead candidate for chronic cough associated with idiopathic pulmonary fibrosis and refractory chronic cough.

Shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI - Get Free Report) rose 8.7% during mid-day trading on Tuesday. The company traded as high as $12.97 and last traded at $12.9350. Approximately 679,421 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 1,808,982 shares. The stock had previously closed at $11.90.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Trevi Therapeutics in a report on Thursday. Oppenheimer reiterated an "outperform" rating on shares of Trevi Therapeutics in a report on Friday, September 25th. B. Riley Financial upped their price objective on shares of Trevi Therapeutics from $21.00 to $31.00 and gave the company a "buy" rating in a research report on Monday, July 20th. 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. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $23.00 target price on shares of Trevi Therapeutics in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $27.08.

Trevi Therapeutics Trading Up 8.9%

The stock has a market capitalization of $1.85 billion, a P/E ratio of -38.10 and a beta of 0.98. The stock's 50 day simple moving average is $15.61 and its 200 day simple moving average is $15.64.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). On average, sell-side analysts expect that Trevi Therapeutics, Inc. will post -0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael Heffernan sold 39,473 shares of the business's stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $15.09, for a total value of $595,647.57. Following the completion of the sale, the director directly owned 6,351 shares of the company's stock, valued at $95,836.59. The trade was a 86.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 15.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Trevi Therapeutics in the second quarter worth $208,041,000. Wellington Management Group LLP raised its position in shares of Trevi Therapeutics by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 5,684,592 shares of the company's stock worth $106,018,000 after buying an additional 495,504 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Trevi Therapeutics by 131.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,527,035 shares of the company's stock worth $50,507,000 after buying an additional 2,001,721 shares in the last quarter. Artia Global Partners LP bought a new position in shares of Trevi Therapeutics in the second quarter valued at approximately $41,232,000. Finally, First Light Asset Management LLC bought a new position in shares of Trevi Therapeutics in the second quarter valued at approximately $39,113,000. Institutional investors and hedge funds own 95.76% of the company's stock.

Trevi Therapeutics Company Profile

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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