Trevi Therapeutics (NASDAQ:TRVI) Announces Earnings Results, Beats Expectations By $0.02 EPS

Trevi Therapeutics (NASDAQ:TRVI) released its quarterly earnings results on Thursday. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.02, Zacks reports.

Trevi Therapeutics Trading Down 0.8%

TRVI stock opened at $11.37 on Friday. The firm has a 50 day simple moving average of $9.90 and a 200-day simple moving average of $7.83. The company has a market capitalization of $1.38 billion, a P/E ratio of -30.73 and a beta of 0.67. Trevi Therapeutics has a twelve month low of $2.36 and a twelve month high of $12.30.

Analyst Upgrades and Downgrades

TRVI has been the subject of a number of recent research reports. Morgan Stanley lifted their price objective on Trevi Therapeutics from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Friday. Needham & Company LLC cut their price objective on shares of Trevi Therapeutics from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Leerink Partners assumed coverage on shares of Trevi Therapeutics in a research report on Thursday. They set an “outperform” rating and a $13.00 target price on the stock. Oppenheimer boosted their price target on Trevi Therapeutics from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Friday. Finally, Raymond James Financial decreased their price objective on Trevi Therapeutics from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Trevi Therapeutics has an average rating of “Moderate Buy” and an average target price of $21.11.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TRVI. Qube Research & Technologies Ltd grew its stake in Trevi Therapeutics by 254.8% in the second quarter. Qube Research & Technologies Ltd now owns 447,852 shares of the company’s stock worth $2,450,000 after purchasing an additional 321,623 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Trevi Therapeutics by 125.0% in the 2nd quarter. Hsbc Holdings PLC now owns 62,439 shares of the company’s stock valued at $342,000 after acquiring an additional 34,691 shares during the last quarter. Rhumbline Advisers lifted its stake in Trevi Therapeutics by 17.6% during the second quarter. Rhumbline Advisers now owns 106,402 shares of the company’s stock worth $582,000 after purchasing an additional 15,920 shares during the last quarter. Millennium Management LLC boosted its holdings in Trevi Therapeutics by 356.3% in the first quarter. Millennium Management LLC now owns 823,249 shares of the company’s stock worth $5,178,000 after purchasing an additional 642,830 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Trevi Therapeutics by 31.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,143 shares of the company’s stock valued at $278,000 after purchasing an additional 10,445 shares during the last quarter. 95.76% of the stock is owned by institutional investors and hedge funds.

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.