Trevi Therapeutics (NASDAQ:TRVI) Issues Quarterly Earnings Results

Key Points

• Trevi Therapeutics reported a quarterly earnings per share (EPS) of ($0.09), exceeding analysts' estimates by $0.01.
• The company's stock price increased by 1.65% to $7.42 following the earnings announcement, reflecting strong trading activity with nearly 2 million shares exchanged.
• Several institutional investors expanded their stakes in Trevi Therapeutics, with Millennium Management LLC increasing its position by a notable 356.3% during the first quarter.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) released its quarterly earnings data on Thursday, August 7th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.01, Zacks reports.

Trevi Therapeutics Stock Down 1.4%

TRVI traded down $0.11 during trading on Thursday, hitting $7.49. 1,023,147 shares of the company traded hands, compared to its average volume of 1,770,600. The firm has a market cap of $912.13 million, a P/E ratio of -17.83 and a beta of 0.58. The stock's fifty day moving average is $6.66 and its 200 day moving average is $6.01. Trevi Therapeutics has a one year low of $2.36 and a one year high of $8.11.

Analyst Ratings Changes

TRVI has been the subject of several recent analyst reports. Raymond James Financial reduced their target price on shares of Trevi Therapeutics from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research note on Friday, August 8th. 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. Oppenheimer reiterated an "outperform" rating on shares of Trevi Therapeutics in a research note on Monday, June 2nd. Wall Street Zen lowered shares of Trevi Therapeutics from a "hold" rating to a "sell" rating in a research note on Friday, June 6th. Finally, Needham & Company LLC reduced their target price on shares of Trevi Therapeutics from $24.00 to $22.00 and set a "buy" rating for the company in a research note on Friday, August 8th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $20.38.

Hedge Funds Weigh In On Trevi Therapeutics

Several institutional investors have recently added to or reduced their stakes in TRVI. Alliancebernstein L.P. lifted its holdings 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 valued at $23,419,000 after purchasing an additional 4,259,015 shares during the last quarter. Orbimed Advisors LLC lifted its holdings in Trevi Therapeutics by 195.4% during the second quarter. Orbimed Advisors LLC now owns 3,308,400 shares of the company's stock valued at $18,097,000 after purchasing an additional 2,188,400 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in Trevi Therapeutics by 111.4% during the second quarter. Raymond James Financial Inc. now owns 1,076,683 shares of the company's stock valued at $5,889,000 after purchasing an additional 567,304 shares during the last quarter. Millennium Management LLC lifted its holdings in Trevi Therapeutics by 356.3% during the first quarter. Millennium Management LLC now owns 823,249 shares of the company's stock valued at $5,178,000 after purchasing an additional 642,830 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in Trevi Therapeutics by 254.8% during the second quarter. Qube Research & Technologies Ltd now owns 447,852 shares of the company's stock valued at $2,450,000 after purchasing an additional 321,623 shares during the last quarter. Institutional investors 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.