Trevi Therapeutics (NASDAQ:TRVI) Shares Up 8.7% – Here’s What Happened

Trevi Therapeutics, Inc. (NASDAQ:TRVI)’s share price was up 8.7% on Tuesday. The stock traded as high as $12.97 and last traded at $12.9350. Approximately 679,421 shares traded hands during trading, a decline of 62% from the average session volume of 1,808,982 shares. The stock had previously closed at $11.90.

Analysts Set New Price Targets

Several brokerages recently issued reports on TRVI. B. Riley Financial upped their target price on shares of Trevi Therapeutics from $21.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. HC Wainwright increased their target price on Trevi Therapeutics from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Oppenheimer restated an “outperform” rating on shares of Trevi Therapeutics in a research report on Friday, September 25th. Wall Street Zen lowered Trevi Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, Cantor Fitzgerald lifted their price target on Trevi Therapeutics from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.08.

Trevi Therapeutics Price Performance

The company has a 50 day simple moving average of $15.41 and a 200-day simple moving average of $15.65.

Trevi Therapeutics (NASDAQ:TRVI) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). As a group, equities analysts expect that Trevi Therapeutics, Inc. will post -0.48 EPS for the current year.

Insider Activity

In related news, Director Michael Heffernan sold 39,473 shares of the stock in a transaction 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 owned 6,351 shares of the company’s stock, valued at approximately $95,836.59. This trade represents a 86.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.39% of the company’s stock.

Hedge Funds Weigh In On Trevi Therapeutics

A number of large investors have recently added to or reduced their stakes in TRVI. BlackRock Inc. bought a new stake in Trevi Therapeutics in the second quarter worth $208,041,000. Artia Global Partners LP purchased a new stake in Trevi Therapeutics during the second quarter valued at about $41,232,000. First Light Asset Management LLC bought a new position in shares of Trevi Therapeutics during the second quarter valued at about $39,113,000. Assenagon Asset Management S.A. grew its stake 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 last quarter. Finally, Bank of America Corp DE bought a new position in shares of Trevi Therapeutics during the second quarter valued at about $28,588,000. Hedge funds and other institutional investors own 95.76% of the company’s stock.

Trevi Therapeutics Company Profile

Trevi Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for chronic conditions that have limited therapeutic options. The company’s lead product candidate is Haduvio, an oral extended-release formulation of nalbuphine, an opioid receptor modulator designed to combine kappa-opioid receptor agonism with mu-opioid receptor antagonism.

Trevi is evaluating Haduvio in conditions involving chronic cough and severe itching. Its clinical development programs have included studies in chronic cough associated with idiopathic pulmonary fibrosis, a progressive lung disease, and chronic pruritus associated with systemic sclerosis, an autoimmune connective-tissue disorder.