Trevi Therapeutics (NASDAQ:TRVI) Trading 8.9% Higher - Here's Why

Key Points

• Trevi Therapeutics' stock increased by 8.9% to $7.64, with a trading volume that was 10% higher than its average.
• Analysts have varying price targets for the stock, with a consensus rating of "Buy" and an average price target of $20.11.
• Significant institutional interest was noted, with AllianceBernstein increasing its position by over 19,000% in the second quarter, highlighting strong investor confidence.

Shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI - Get Free Report) were up 8.9% during mid-day trading on Monday . The company traded as high as $7.63 and last traded at $7.64. Approximately 2,048,964 shares were traded during mid-day trading, an increase of 10% from the average daily volume of 1,862,117 shares. The stock had previously closed at $7.01.

Analysts Set New Price Targets

Several research firms have recently commented on TRVI. Morgan Stanley started coverage on Trevi Therapeutics in a research report on Thursday, August 21st. They set an "overweight" rating and a $18.00 price target for the company. Needham & Company LLC lowered their price objective 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. Cantor Fitzgerald assumed coverage on shares of Trevi Therapeutics in a research report on Tuesday, July 1st. They issued an "overweight" rating and a $25.00 price objective for the company. 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, D. Boral Capital reiterated a "buy" rating and issued a $21.00 price objective on shares of Trevi Therapeutics in a report on Monday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to MarketBeat.com, Trevi Therapeutics has a consensus rating of "Buy" and an average price target of $20.11.

Trevi Therapeutics Stock Up 8.4%

The company's fifty day moving average is $7.07 and its 200 day moving average is $6.40. The firm has a market cap of $925.53 million, a price-to-earnings ratio of -18.09 and a beta of 0.71.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last posted 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. On average, equities research analysts forecast that Trevi Therapeutics, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Alliancebernstein L.P. increased its position in shares of Trevi Therapeutics by 19,064.5% during the 2nd 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. Point72 Asset Management L.P. purchased a new stake in Trevi Therapeutics in the fourth quarter worth $17,099,000. Rubric Capital Management LP increased its stake in shares of Trevi Therapeutics by 88.0% during the second quarter. Rubric Capital Management LP now owns 8,531,860 shares of the company's stock valued at $46,669,000 after buying an additional 3,993,325 shares during the period. Octagon Capital Advisors LP purchased a new position in Trevi Therapeutics in the first quarter valued at about $20,895,000. Finally, Frazier Life Sciences Management L.P. boosted its holdings in Trevi Therapeutics by 44.5% in 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 acquiring an additional 3,283,684 shares in the last quarter. 95.76% of the stock is owned by hedge funds and other institutional investors.

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.

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