Trevi Therapeutics (NASDAQ:TRVI) Hits New 1-Year High – Here’s Why

Trevi Therapeutics, Inc. (NASDAQ:TRVI)’s stock price reached a new 52-week high on Saturday . The stock traded as high as $20.22 and last traded at $19.07, with a volume of 8311756 shares traded. The stock had previously closed at $17.36.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wall Street Zen raised shares of Trevi Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Stifel Nicolaus set a $30.00 target price on shares of Trevi Therapeutics in a research note on Friday, May 8th. Morgan Stanley restated an “overweight” rating and set a $20.00 target price on shares of Trevi Therapeutics in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Trevi Therapeutics in a research report on Monday, April 20th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of Trevi Therapeutics in a research report on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $22.67.

Trevi Therapeutics Stock Performance

The firm’s 50-day moving average price is $15.85 and its two-hundred day moving average price is $13.33. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of -59.59 and a beta of 1.00.

Trevi Therapeutics (NASDAQ:TRVI) last released its quarterly earnings data 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). As a group, sell-side analysts expect that Trevi Therapeutics, Inc. will post -0.47 earnings per share for the current fiscal year.

Institutional Trading of Trevi Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Alliancebernstein L.P. raised its position in Trevi Therapeutics by 19,064.5% in the second quarter. Alliancebernstein L.P. now owns 4,281,355 shares of the company’s stock valued at $23,419,000 after purchasing an additional 4,259,015 shares during the period. Rubric Capital Management LP grew its holdings in shares of Trevi Therapeutics by 88.0% during the 2nd quarter. Rubric Capital Management LP now owns 8,531,860 shares of the company’s stock worth $46,669,000 after purchasing an additional 3,993,325 shares during the period. Viking Global Investors LP grew its holdings in shares of Trevi Therapeutics by 232.4% during the 3rd quarter. Viking Global Investors LP now owns 5,128,875 shares of the company’s stock worth $46,929,000 after purchasing an additional 3,585,875 shares during the period. Wellington Management Group LLP increased its position in shares of Trevi Therapeutics by 1,792.0% during the 3rd quarter. Wellington Management Group LLP now owns 3,253,888 shares of the company’s stock worth $29,773,000 after purchasing an additional 3,081,906 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of Trevi Therapeutics by 95.4% during the 3rd quarter. Marshall Wace LLP now owns 4,841,751 shares of the company’s stock worth $44,302,000 after purchasing an additional 2,363,835 shares during the last quarter. Institutional investors and hedge funds own 95.76% of the company’s stock.

About Trevi Therapeutics

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.