Trevi Therapeutics (NASDAQ:TRVI) Sets New 12-Month High – Here’s What Happened

Trevi Therapeutics, Inc. (NASDAQ:TRVI) hit a new 52-week high on Wednesday . The company traded as high as $20.15 and last traded at $19.50, with a volume of 5526120 shares changing hands. The stock had previously closed at $17.95.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TRVI. Morgan Stanley reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Trevi Therapeutics in a research note on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and issued a $23.00 price objective on shares of Trevi Therapeutics in a report on Wednesday, May 20th. Wall Street Zen raised shares of Trevi Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. JonesTrading reduced their target price on shares of Trevi Therapeutics from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, March 19th. Finally, Stifel Nicolaus set a $30.00 target price on shares of Trevi Therapeutics in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $22.67.

Trevi Therapeutics Trading Up 8.6%

The stock has a 50 day simple moving average of $15.23 and a 200 day simple moving average of $13.04. The firm has a market capitalization of $2.77 billion, a PE ratio of -60.94 and a beta of 1.00.

Trevi Therapeutics (NASDAQ:TRVI) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). As a group, equities analysts anticipate that Trevi Therapeutics, Inc. will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On Trevi Therapeutics

Large investors have recently added to or reduced their stakes in the company. Seven Fleet Capital Management LP increased its position in shares of Trevi Therapeutics by 281.8% in the first quarter. Seven Fleet Capital Management LP now owns 27,149 shares of the company’s stock valued at $324,000 after acquiring an additional 20,039 shares during the period. Avidity Partners Management LP purchased a new position in Trevi Therapeutics during the 1st quarter valued at about $79,000. Bank of America Corp DE increased its holdings in Trevi Therapeutics by 11.2% during the 1st quarter. Bank of America Corp DE now owns 1,216,955 shares of the company’s stock valued at $14,518,000 after purchasing an additional 122,104 shares during the period. The Manufacturers Life Insurance Company raised its position in Trevi Therapeutics by 55.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 43,561 shares of the company’s stock valued at $520,000 after purchasing an additional 15,624 shares during the last quarter. Finally, AlphaCentric Advisors LLC raised its position in Trevi Therapeutics by 5.7% during the 1st quarter. AlphaCentric Advisors LLC now owns 23,970 shares of the company’s stock valued at $286,000 after purchasing an additional 1,303 shares during the last quarter. Institutional investors own 95.76% of the company’s stock.

About Trevi Therapeutics

Trevi Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the development of novel non-opioid therapies for the management of chronic and acute pain. The company leverages proprietary drug delivery platforms and targeted molecular approaches to address high unmet needs in cancer-related pain, chemotherapy-induced neuropathy and other severe pain conditions.

Its lead product candidate is a proprietary formulation of tetrodotoxin (TTX), a sodium-channel blocking agent being evaluated in early-stage clinical trials for moderate-to-severe pain associated with advanced cancer and peripheral neuropathy.