Trevi Therapeutics (NASDAQ:TRVI) Shares Down 4.6% - Here's What Happened

Key Points

• Trevi Therapeutics shares fell 4.6% to $9.30 during mid-day trading, with a significant drop in trading volume, down 81% from average levels.
• Analysts are generally optimistic, with a consensus rating of "Buy" and a target price average of $21.75, despite recent price declines.
• The company, specializing in therapies for chronic cough, recently reported earnings exceeding expectations, with an EPS of ($0.09), beating the analysts' estimates.

Trevi Therapeutics, Inc. (NASDAQ:TRVI - Get Free Report) dropped 4.6% during trading on Friday . The company traded as low as $9.35 and last traded at $9.30. Approximately 359,305 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,939,079 shares. The stock had previously closed at $9.75.

Analysts Set New Price Targets

Several brokerages have weighed in on TRVI. D. Boral Capital reaffirmed a "buy" rating and issued a $21.00 target price on shares of Trevi Therapeutics in a research report on Monday, June 2nd. Wall Street Zen lowered Trevi Therapeutics from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. Needham & Company LLC dropped their target price on Trevi Therapeutics from $24.00 to $22.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Morgan Stanley began coverage on Trevi Therapeutics in a research report on Thursday, August 21st. They issued an "overweight" rating and a $18.00 target price on the stock. Finally, Cantor Fitzgerald began coverage on Trevi Therapeutics in a research report on Tuesday, July 1st. They issued an "overweight" rating and a $25.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $21.75.

Trevi Therapeutics Trading Up 1.9%

The firm has a fifty day simple moving average of $7.45 and a 200 day simple moving average of $6.58. The stock has a market cap of $988.00 million, a price-to-earnings ratio of -19.38 and a beta of 0.71.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, equities analysts expect that Trevi Therapeutics, Inc. will post -0.49 earnings per share for the current year.

Institutional Investors Weigh In On Trevi Therapeutics

Several large investors have recently modified their holdings of the stock. Persistent Asset Partners Ltd grew its stake in shares of Trevi Therapeutics by 3.3% in the 2nd quarter. Persistent Asset Partners Ltd now owns 42,788 shares of the company's stock valued at $234,000 after purchasing an additional 1,384 shares during the period. China Universal Asset Management Co. Ltd. grew its position in Trevi Therapeutics by 10.0% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 17,925 shares of the company's stock worth $113,000 after acquiring an additional 1,627 shares during the last quarter. American Century Companies Inc. grew its position in Trevi Therapeutics by 2.1% during the 1st quarter. American Century Companies Inc. now owns 79,796 shares of the company's stock worth $502,000 after acquiring an additional 1,653 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in Trevi Therapeutics by 20.0% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 12,000 shares of the company's stock worth $66,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Trevi Therapeutics by 194.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,536 shares of the company's stock worth $25,000 after acquiring an additional 2,996 shares during the last quarter. 95.76% of the stock is currently owned by institutional investors.

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.