Trevi Therapeutics (NASDAQ:TRVI) Hits New 52-Week High - Here's What Happened

Key Points

• Trevi Therapeutics shares reached a new 52-week high of $8.78, closing at $8.00 with a trading volume of approximately 9.5 million shares.
• Analysts have mixed ratings for Trevi Therapeutics, with two giving it a Strong Buy rating, while others have downgraded it to a sell, and a consensus target price of $20.11 is noted.
• The company recently reported earnings of ($0.09) per share, beating expectations, and has a market cap of $974.24 million with institutional investors owning over 95% of the stock.

Shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI - Get Free Report) reached a new 52-week high during trading on Thursday . The stock traded as high as $8.78 and last traded at $8.00, with a volume of 9492965 shares traded. The stock had previously closed at $7.42.

Analysts Set New Price Targets

TRVI has been the subject of several recent analyst reports. Wall Street Zen cut shares of Trevi Therapeutics from a "hold" rating to a "sell" rating in a research note on Friday, June 6th. Oppenheimer restated an "outperform" rating on shares of Trevi Therapeutics in a research note on Monday, June 2nd. HC Wainwright initiated coverage on shares of Trevi Therapeutics in a research note on Wednesday, May 28th. They issued a "buy" rating and a $21.00 target price for the company. Morgan Stanley initiated coverage on shares of Trevi Therapeutics in a research note on Thursday, August 21st. They issued an "overweight" rating and a $18.00 target price for the company. Finally, Cantor Fitzgerald initiated coverage on shares of Trevi Therapeutics in a research note on Tuesday, July 1st. They issued an "overweight" rating and a $25.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.11.

Trevi Therapeutics Stock Performance

The stock has a market capitalization of $879.86 million, a PE ratio of -17.20 and a beta of 0.71. The company's fifty day simple moving average is $6.95 and its two-hundred day simple moving average is $6.32.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. Sell-side analysts forecast that Trevi Therapeutics, Inc. will post -0.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Trevi Therapeutics

Institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. increased its position in Trevi Therapeutics by 19,064.5% during the second 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. Point72 Asset Management L.P. acquired a new position in Trevi Therapeutics during the fourth quarter worth approximately $17,099,000. Rubric Capital Management LP increased its position in Trevi Therapeutics by 88.0% during the second 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. Octagon Capital Advisors LP acquired a new position in Trevi Therapeutics during the first quarter worth approximately $20,895,000. Finally, Frazier Life Sciences Management L.P. increased its position in Trevi Therapeutics by 44.5% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 10,664,774 shares of the company's stock worth $43,939,000 after purchasing an additional 3,283,684 shares during the last quarter. Institutional investors and hedge funds own 95.76% of the company's stock.

Trevi Therapeutics Company Profile

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.