Stock Traders Buy Large Volume of Trevi Therapeutics Call Options (NASDAQ:TRVI)

Key Points

• Trevi Therapeutics saw unusually heavy options activity, with traders buying 13,996 call options on Wednesday versus a typical volume of 1,031, an increase of about 1,258%.
• Shares of TRVI fell 0.43 to 17.48 on the day, while the company reported a recent quarterly EPS loss of 0.09, missing analyst expectations.
• Analysts remain broadly bullish on the stock, with a consensus rating of “Buy” and an average price target of 22.67; institutional ownership is also high at 95.76%.

Trevi Therapeutics, Inc. (NASDAQ:TRVI - Get Free Report) saw some unusual options trading activity on Wednesday. Stock investors purchased 13,996 call options on the company. This is an increase of approximately 1,258% compared to the typical volume of 1,031 call options.

Trevi Therapeutics Price Performance

Shares of TRVI traded down $0.43 on Wednesday, reaching $17.48. 469,979 shares of the stock traded hands, compared to its average volume of 1,662,224. The stock's 50-day moving average price is $15.61 and its 200-day moving average price is $13.22. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of -54.51 and a beta of 1.00. Trevi Therapeutics has a 12 month low of $6.55 and a 12 month high of $20.15.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.02). As a group, equities research analysts forecast that Trevi Therapeutics will post -0.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TRVI shares. Wall Street Zen upgraded Trevi Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. HC Wainwright reiterated a "buy" rating and issued a $21.00 price objective on shares of Trevi Therapeutics in a research note on Wednesday, May 6th. JonesTrading cut their target price on shares of Trevi Therapeutics from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, March 19th. D. Boral Capital restated a "buy" rating and issued a $19.00 price target on shares of Trevi Therapeutics in a research report on Friday, April 17th. Finally, Stifel Nicolaus set a $30.00 price objective on shares of Trevi Therapeutics in a report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $22.67.

Institutional Investors Weigh In On Trevi Therapeutics

A number of institutional investors have recently added to or reduced their stakes in TRVI. Alliancebernstein L.P. grew its position in Trevi Therapeutics by 19,064.5% in the second quarter. Alliancebernstein L.P. now owns 4,281,355 shares of the company's stock valued at $23,419,000 after acquiring an additional 4,259,015 shares during the period. Rubric Capital Management LP lifted its holdings in shares of Trevi Therapeutics by 88.0% during the second quarter. Rubric Capital Management LP now owns 8,531,860 shares of the company's stock valued at $46,669,000 after acquiring an additional 3,993,325 shares during the period. Viking Global Investors LP boosted its stake in shares of Trevi Therapeutics by 232.4% in the 3rd quarter. Viking Global Investors LP now owns 5,128,875 shares of the company's stock valued at $46,929,000 after purchasing an additional 3,585,875 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of 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 valued at $29,773,000 after purchasing an additional 3,081,906 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of 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 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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