Trevi Therapeutics (NASDAQ:TRVI) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

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) announced its earnings results on Thursday. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.01, Zacks reports.

Trevi Therapeutics Price Performance

TRVI traded up $0.12 during midday trading on Friday, hitting $7.42. 1,945,259 shares of the company's stock traded hands, compared to its average volume of 1,790,113. The company has a market cap of $870.29 million, a PE ratio of -17.67 and a beta of 0.58. The stock's fifty day simple moving average is $6.58 and its 200-day simple moving average is $5.91. Trevi Therapeutics has a one year low of $2.36 and a one year high of $8.11.

Hedge Funds Weigh In On Trevi Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TRVI. AQR Capital Management LLC raised its position in Trevi Therapeutics by 20.4% during the first quarter. AQR Capital Management LLC now owns 27,720 shares of the company's stock valued at $174,000 after acquiring an additional 4,688 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Trevi Therapeutics by 31.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,143 shares of the company's stock valued at $278,000 after acquiring an additional 10,445 shares in the last quarter. Millennium Management LLC raised its position 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 acquiring an additional 642,830 shares in the last quarter. Strs Ohio bought a new position in Trevi Therapeutics during the first quarter valued at approximately $52,000. Finally, Creative Planning raised its position in Trevi Therapeutics by 17.5% during the second quarter. Creative Planning now owns 20,247 shares of the company's stock valued at $111,000 after acquiring an additional 3,016 shares in the last quarter. Institutional investors own 95.76% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. D. Boral Capital reiterated a "buy" rating and issued a $21.00 target price on shares of Trevi Therapeutics in a report on Monday, June 2nd. Needham & Company LLC decreased their target price on shares of Trevi Therapeutics from $24.00 to $22.00 and set a "buy" rating for the company in a report on Friday. Wall Street Zen cut shares of Trevi Therapeutics from a "hold" rating to a "sell" rating in a report on Friday, June 6th. Raymond James Financial decreased 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 report on Friday. Finally, Cantor Fitzgerald initiated coverage on shares of Trevi Therapeutics in a report on Tuesday, July 1st. They set an "overweight" rating and a $25.00 price target for the company. One investment 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $20.38.

About Trevi Therapeutics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.