Trevi Therapeutics (NASDAQ:TRVI) Shares Up 8.7% – What’s Next?

Trevi Therapeutics, Inc. (NASDAQ:TRVI) shot up 8.7% during mid-day trading on Tuesday. The company traded as high as $12.97 and last traded at $12.9350. 679,421 shares changed hands during trading, a decline of 62% from the average daily volume of 1,808,982 shares. The stock had previously closed at $11.90.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Trevi Therapeutics in a research report on Thursday. Morgan Stanley restated an “overweight” rating and issued a $23.00 price objective on shares of Trevi Therapeutics in a report on Friday, August 7th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $40.00 target price on shares of Trevi Therapeutics in a research note on Friday, August 7th. B. Riley Financial raised their target price on Trevi Therapeutics from $21.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, JonesTrading lifted their target price on Trevi Therapeutics from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.08.

Trevi Therapeutics Stock Up 8.9%

The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -38.10 and a beta of 0.98. The firm’s 50 day moving average is $15.61 and its 200 day moving average is $15.64.

Trevi Therapeutics (NASDAQ:TRVI) last issued its earnings results on Thursday, August 6th. The company reported ($0.11) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.11). On average, sell-side analysts predict that Trevi Therapeutics, Inc. will post -0.48 earnings per share for the current year.

Insider Activity at Trevi Therapeutics

In other news, Director Michael Heffernan sold 39,473 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $15.09, for a total transaction of $595,647.57. Following the completion of the sale, the director directly owned 6,351 shares of the company’s stock, valued at $95,836.59. This trade represents a 86.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 15.39% of the company’s stock.

Hedge Funds Weigh In On Trevi Therapeutics

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Trevi Therapeutics during the second quarter worth $208,041,000. Artia Global Partners LP purchased a new stake in shares of Trevi Therapeutics during the second quarter valued at $41,232,000. First Light Asset Management LLC acquired a new position in shares of Trevi Therapeutics in the 2nd quarter valued at $39,113,000. Assenagon Asset Management S.A. boosted its position in shares of Trevi Therapeutics by 131.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 3,527,035 shares of the company’s stock valued at $50,507,000 after purchasing an additional 2,001,721 shares during the period. Finally, Bank of America Corp DE acquired a new position in shares of Trevi Therapeutics in the 2nd quarter valued at $28,588,000. 95.76% of the stock is currently owned by institutional investors and hedge funds.

About Trevi Therapeutics

Trevi Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for conditions involving chronic cough and other debilitating symptoms for which available treatment options are limited. The company’s lead product candidate is Haduvio, an extended-release formulation of nalbuphine, an opioid receptor modulator being investigated as a potential treatment for chronic cough.

Trevi is evaluating Haduvio for chronic cough associated with idiopathic pulmonary fibrosis (IPF), a progressive lung disease, as well as refractory chronic cough, which persists despite treatment of underlying conditions.