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

Trevi Therapeutics, Inc. (NASDAQ:TRVI) gapped up prior to trading 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.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. D. Boral Capital reaffirmed a “buy” rating and set a $21.00 price target on shares of Trevi Therapeutics in a research report on Wednesday. Raymond James raised Trevi Therapeutics from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $9.00 to $29.00 in a research report on Monday, March 10th. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price target on shares of Trevi Therapeutics in a research report on Wednesday. Oppenheimer increased their price target on Trevi Therapeutics from $12.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 11th. Finally, Needham & Company LLC cut their price target on Trevi Therapeutics from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday. Seven investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $17.56.

Insider Activity

In other news, insider Farrell Simon sold 81,313 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $6.75, for a total transaction of $548,862.75. Following the sale, the insider now directly owns 76,900 shares in the company, valued at $519,075. This trade represents a 51.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 24.37% of the company’s stock.

Institutional Investors Weigh In On Trevi Therapeutics

A number of institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP acquired a new stake in Trevi Therapeutics in the 3rd quarter worth about $409,000. Oppenheimer & Co. Inc. raised its position in shares of Trevi Therapeutics by 34.7% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 81,947 shares of the company’s stock valued at $274,000 after buying an additional 21,128 shares during the period. MAI Capital Management raised its position in shares of Trevi Therapeutics by 0.7% during the 3rd quarter. MAI Capital Management now owns 1,327,285 shares of the company’s stock valued at $4,433,000 after buying an additional 8,789 shares during the period. Intech Investment Management LLC purchased a new stake in Trevi Therapeutics in the third quarter valued at approximately $63,000. Finally, BNP Paribas Financial Markets raised its position in Trevi Therapeutics by 130.9% in the third quarter. BNP Paribas Financial Markets now owns 11,930 shares of the company’s stock valued at $40,000 after purchasing an additional 6,764 shares during the period. 95.76% of the stock is currently owned by institutional investors and hedge funds.

Trevi Therapeutics Stock Up 3.8 %

The company has a market cap of $523.46 million, a PE ratio of -15.48 and a beta of 0.90. The business has a 50-day simple moving average of $4.50 and a 200-day simple moving average 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.