Trevi Therapeutics (NASDAQ:TRVI) Shares Gap Up After Better-Than-Expected Earnings

Trevi Therapeutics, Inc. (NASDAQ:TRVI) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $6.56, but opened at $6.98. Trevi Therapeutics shares last traded at $6.67, with a volume of 192,160 shares traded.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. D. Boral Capital reiterated a “buy” rating and set a $21.00 price objective on shares of Trevi Therapeutics in a report on Wednesday. Oppenheimer lifted their price objective on Trevi Therapeutics from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, March 11th. Raymond James raised Trevi Therapeutics from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $9.00 to $29.00 in a research report on Monday, March 10th. HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Trevi Therapeutics in a research report on Wednesday. Finally, B. Riley reissued a “buy” rating and issued a $20.00 target price (up previously from $11.00) on shares of Trevi Therapeutics in a research report on Wednesday. Seven investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Trevi Therapeutics currently has an average rating of “Buy” and an average price target of $17.56.

Insiders Place Their Bets

In other Trevi Therapeutics news, insider Farrell Simon sold 81,313 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $6.75, for a total transaction of $548,862.75. Following the transaction, the insider now owns 76,900 shares of the company’s stock, valued at $519,075. The trade was a 51.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 24.37% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Frazier Life Sciences Management L.P. increased its position in shares of Trevi Therapeutics by 44.5% during the 4th 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 last quarter. Woodline Partners LP boosted its stake in shares of Trevi Therapeutics by 429.9% during the 4th quarter. Woodline Partners LP now owns 3,212,597 shares of the company’s stock worth $13,236,000 after acquiring an additional 2,606,370 shares during the period. Squarepoint Ops LLC bought a new position in shares of Trevi Therapeutics during the 4th quarter worth approximately $58,000. Two Sigma Advisers LP bought a new position in shares of Trevi Therapeutics during the 4th quarter worth approximately $66,000. Finally, Two Sigma Investments LP bought a new position in shares of Trevi Therapeutics during the 4th quarter worth approximately $560,000. Institutional investors and hedge funds own 95.76% of the company’s stock.

Trevi Therapeutics Trading Down 2.9 %

The company has a 50 day moving average price of $4.55 and a 200 day moving average price of $3.73. The company has a market capitalization of $508.08 million, a P/E ratio of -15.02 and a beta of 0.90.

Trevi Therapeutics Company Profile

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.