Trevi Therapeutics (NASDAQ:TRVI) Price Target Lowered to $23.00 at Needham & Company LLC

Key Points

• Needham cut its price target on Trevi Therapeutics to $23 (from $24) but kept a "buy" rating, a target that implies roughly a 56.9% upside from the stock's current price.
• Consensus among analysts remains a "Buy" with a consensus price target of $21.50, based on 2 Strong Buy, 9 Buy and 1 Sell ratings.
• Shares opened at $14.66 (52-week range $5.38–$16.12); Trevi reported Q1 EPS of ($0.09), missing estimates, and about 95.8% of the stock is held by institutional investors after recent inflows.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) had its price objective reduced by stock analysts at Needham & Company LLC from $24.00 to $23.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 56.89% from the stock's current price.

Other analysts also recently issued research reports about the company. Oppenheimer restated an "outperform" rating on shares of Trevi Therapeutics in a research report on Monday, March 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Trevi Therapeutics in a research note on Monday, April 20th. D. Boral Capital restated a "buy" rating and issued a $19.00 price objective on shares of Trevi Therapeutics in a report on Friday, April 17th. Morgan Stanley cut their price objective on shares of Trevi Therapeutics from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Wednesday, March 18th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Trevi Therapeutics in a research note on Monday, March 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Trevi Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $21.50.

Trevi Therapeutics Stock Performance

Shares of TRVI stock opened at $14.66 on Wednesday. Trevi Therapeutics has a 52-week low of $5.38 and a 52-week high of $16.12. The company has a market capitalization of $1.89 billion, a PE ratio of -45.81 and a beta of 1.07. The business's fifty day moving average is $12.57 and its 200 day moving average is $11.90.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.02). On average, sell-side analysts forecast that Trevi Therapeutics will post -0.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp bought a new position in shares of Trevi Therapeutics during the first quarter valued at about $1,531,000. Candriam S.C.A. bought a new position in shares of Trevi Therapeutics during the first quarter valued at about $9,229,000. Hsbc Holdings PLC bought a new position in shares of Trevi Therapeutics during the first quarter valued at about $205,000. Simplify Asset Management Inc. bought a new position in shares of Trevi Therapeutics during the first quarter valued at about $780,000. Finally, Peregrine Capital Management LLC grew its stake in shares of Trevi Therapeutics by 4.5% during the first quarter. Peregrine Capital Management LLC now owns 530,451 shares of the company's stock valued at $6,328,000 after buying an additional 22,766 shares during the last quarter. 95.76% of the stock is owned by institutional investors.

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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