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

Trevi Therapeutics, Inc. (NASDAQ:TRVI)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $20.15 and last traded at $19.50, with a volume of 5526120 shares. The stock had previously closed at $17.95.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of Trevi Therapeutics in a report on Wednesday, May 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Trevi Therapeutics in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Trevi Therapeutics in a report on Monday, April 20th. Stifel Nicolaus set a $30.00 price objective on shares of Trevi Therapeutics in a report on Friday, May 8th. Finally, JonesTrading 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 Thursday, March 19th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Trevi Therapeutics has a consensus rating of “Buy” and an average target price of $22.67.

Trevi Therapeutics Stock Down 1.0%

The stock’s fifty day simple moving average is $15.41 and its 200-day simple moving average is $13.12. The company has a market capitalization of $2.61 billion, a PE ratio of -57.50 and a beta of 1.00.

Trevi Therapeutics (NASDAQ:TRVI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.02). Analysts expect that Trevi Therapeutics, Inc. will post -0.47 EPS for the current year.

Institutional Investors Weigh In On Trevi Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. acquired a new position in Trevi Therapeutics in the second quarter worth approximately $28,447,000. Seven Fleet Capital Management LP raised its position in Trevi Therapeutics by 281.8% during the first quarter. Seven Fleet Capital Management LP now owns 27,149 shares of the company’s stock valued at $324,000 after buying an additional 20,039 shares during the period. Avidity Partners Management LP acquired a new position in shares of Trevi Therapeutics in the 1st quarter valued at about $79,000. Bank of America Corp DE lifted its position in Trevi Therapeutics by 11.2% in the 1st quarter. Bank of America Corp DE now owns 1,216,955 shares of the company’s stock worth $14,518,000 after buying an additional 122,104 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Trevi Therapeutics by 55.9% in the first quarter. The Manufacturers Life Insurance Company now owns 43,561 shares of the company’s stock worth $520,000 after acquiring an additional 15,624 shares during the last quarter. 95.76% of the stock is currently owned by institutional investors and hedge funds.

Trevi Therapeutics Company Profile

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.