Pictet Asset Management Holding SA Sells 62,392 Shares of Trevi Therapeutics, Inc. $TRVI

Pictet Asset Management Holding SA decreased its position in shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI) by 3.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,951,394 shares of the company’s stock after selling 62,392 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Trevi Therapeutics were worth $27,944,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Trevi Therapeutics in the 2nd quarter valued at about $208,041,000. Artia Global Partners LP purchased a new position in shares of Trevi Therapeutics in the second quarter valued at $41,232,000. First Light Asset Management LLC purchased a new position in shares of Trevi Therapeutics in the second quarter valued at $39,113,000. Assenagon Asset Management S.A. increased its position in shares of Trevi Therapeutics by 131.2% during the third quarter. Assenagon Asset Management S.A. now owns 3,527,035 shares of the company’s stock valued at $50,507,000 after buying an additional 2,001,721 shares during the period. Finally, Bank of America Corp DE bought a new stake in Trevi Therapeutics during the 2nd quarter worth approximately $28,588,000. Hedge funds and other institutional investors own 95.76% of the company’s stock.

Insider Activity at Trevi Therapeutics

In other Trevi Therapeutics news, Director Michael Heffernan sold 39,473 shares of Trevi Therapeutics stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $15.09, for a total transaction of $595,647.57. Following the transaction, the director directly owned 6,351 shares of the company’s stock, valued at approximately $95,836.59. This trade represents a 86.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 15.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TRVI. BMO Capital Markets restated an “outperform” rating on shares of Trevi Therapeutics in a research note on Wednesday, October 7th. Morgan Stanley reiterated an “overweight” rating and set a $23.00 price target on shares of Trevi Therapeutics in a research report on Friday, August 7th. HC Wainwright lifted their price target on Trevi Therapeutics from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, July 20th. B. Riley Financial boosted their price objective on Trevi Therapeutics from $21.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Oppenheimer restated an “outperform” rating on shares of Trevi Therapeutics in a research report on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $27.08.

Trevi Therapeutics Trading Down 0.7%

TRVI opened at $14.81 on Thursday. The stock has a market capitalization of $2.11 billion, a P/E ratio of -37.97 and a beta of 1.15. The stock has a 50-day moving average price of $14.17 and a 200-day moving average price of $14.46. Trevi Therapeutics, Inc. has a 12-month low of $9.82 and a 12-month high of $20.22.

Trevi Therapeutics (NASDAQ:TRVI) last announced its quarterly earnings data on Monday, November 9th. The company reported ($0.13) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.13). On average, equities research analysts predict that Trevi Therapeutics, Inc. will post -0.48 EPS for the current year.

Trevi Therapeutics Profile

Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing treatments for chronic cough and chronic itch. Its lead candidate, Haduvio (oral extended-release nalbuphine), is being studied for conditions including idiopathic pulmonary fibrosis, other interstitial lung diseases and chronic pruritus associated with prurigo nodularis. Nalbuphine acts on opioid receptors, and Trevi is evaluating its potential to reduce these symptoms. The company’s development programs are focused on clinical research; Haduvio is not an approved treatment.