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

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 changing hands.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Raymond James raised shares of Trevi Therapeutics from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $9.00 to $29.00 in a report on Monday, March 10th. Oppenheimer increased their target price on Trevi Therapeutics from $12.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, March 11th. D. Boral Capital reiterated a “buy” rating and set a $21.00 target price on shares of Trevi Therapeutics in a research report on Wednesday. Needham & Company LLC lowered their target price on Trevi Therapeutics from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Trevi Therapeutics in a research report on Wednesday. Seven analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Trevi Therapeutics has a consensus rating of “Buy” and a consensus target price of $15.81.

Insider Transactions at Trevi Therapeutics

In other news, insider Farrell Simon sold 81,313 shares of Trevi Therapeutics stock in a transaction 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 completion of the sale, the insider now directly owns 76,900 shares in the company, valued at approximately $519,075. This trade represents a 51.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 24.37% of the company’s stock.

Institutional Trading of Trevi Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Summit Investment Advisors Inc. increased its stake in shares of Trevi Therapeutics by 84.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,332 shares of the company’s stock valued at $26,000 after buying an additional 2,894 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Trevi Therapeutics by 130.9% during the third quarter. BNP Paribas Financial Markets now owns 11,930 shares of the company’s stock valued at $40,000 after buying an additional 6,764 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Trevi Therapeutics during the fourth quarter valued at $49,000. Squarepoint Ops LLC purchased a new position in shares of Trevi Therapeutics during the fourth quarter valued at $58,000. Finally, Two Sigma Advisers LP purchased a new position in shares of Trevi Therapeutics during the fourth quarter valued at $66,000. 95.76% of the stock is currently owned by institutional investors.

Trevi Therapeutics Stock Up 2.8 %

The stock has a market cap of $518.54 million, a PE ratio of -15.30 and a beta of 0.90. The firm has a 50 day moving average price of $4.44 and a 200 day moving average price of $3.68.

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.