Trevi Therapeutics (NASDAQ:TRVI) Shares Up 4.4% After Earnings Beat

Trevi Therapeutics, Inc. (NASDAQ:TRVI) shot up 4.4% during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $6.80 and last traded at $6.83. 486,472 shares traded hands during trading, a decline of 49% from the average session volume of 961,566 shares. The stock had previously closed at $6.54.

The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01.

Analysts Set New Price Targets

TRVI has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $12.50 target price on shares of Trevi Therapeutics in a report on Wednesday. Oppenheimer boosted their price objective on Trevi Therapeutics from $12.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, March 11th. D. Boral Capital restated a “buy” rating and issued a $21.00 target price on shares of Trevi Therapeutics in a research report on Wednesday. Needham & Company LLC lowered their price objective on Trevi Therapeutics from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Raymond James upgraded Trevi Therapeutics from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $9.00 to $29.00 in a research report on Monday, March 10th. Seven investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $17.56.

Insider Buying and Selling

In related news, insider Farrell Simon sold 81,313 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $6.75, for a total value of $548,862.75. Following the sale, the insider now directly owns 76,900 shares of the company’s stock, valued at $519,075. This represents a 51.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 24.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Trevi Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Frazier Life Sciences Management L.P. grew its stake 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 purchasing an additional 3,283,684 shares during the period. Woodline Partners LP grew its stake in Trevi Therapeutics by 429.9% in the fourth quarter. Woodline Partners LP now owns 3,212,597 shares of the company’s stock worth $13,236,000 after purchasing an additional 2,606,370 shares during the period. Squarepoint Ops LLC purchased a new stake in Trevi Therapeutics in the fourth quarter worth $58,000. Two Sigma Advisers LP purchased a new stake in Trevi Therapeutics in the fourth quarter worth $66,000. Finally, Two Sigma Investments LP purchased a new stake in Trevi Therapeutics in the fourth quarter worth $560,000. 95.76% of the stock is owned by hedge funds and other institutional investors.

Trevi Therapeutics Price Performance

The stock has a market capitalization of $523.46 million, a PE ratio of -15.48 and a beta of 0.90. The business has a 50 day moving average price of $4.50 and a 200 day moving average price of $3.71.

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.