Trevi Therapeutics (NASDAQ:TRVI) Shares Gap Up on Strong Earnings

Trevi Therapeutics, Inc. (NASDAQ:TRVI)’s stock price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $11.46, but opened at $12.14. Trevi Therapeutics shares last traded at $11.6920, with a volume of 403,195 shares.

The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TRVI shares. Leerink Partners began coverage on Trevi Therapeutics in a research note on Thursday. They issued an “outperform” rating and a $13.00 price target for the company. Oppenheimer upped their price objective on Trevi Therapeutics from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Trevi Therapeutics in a research report on Wednesday, October 8th. Needham & Company LLC decreased their target price on Trevi Therapeutics from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Finally, Raymond James Financial dropped their price target on Trevi Therapeutics from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.11.

Hedge Funds Weigh In On Trevi Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Alliancebernstein L.P. raised its position in shares of Trevi Therapeutics by 19,064.5% during the 2nd quarter. Alliancebernstein L.P. now owns 4,281,355 shares of the company’s stock valued at $23,419,000 after buying an additional 4,259,015 shares in the last quarter. Rubric Capital Management LP increased its stake in Trevi Therapeutics by 88.0% during the second quarter. Rubric Capital Management LP now owns 8,531,860 shares of the company’s stock worth $46,669,000 after acquiring an additional 3,993,325 shares during the last quarter. Viking Global Investors LP increased its stake in Trevi Therapeutics by 232.4% during the third quarter. Viking Global Investors LP now owns 5,128,875 shares of the company’s stock worth $46,929,000 after acquiring an additional 3,585,875 shares during the last quarter. Octagon Capital Advisors LP purchased a new stake in Trevi Therapeutics during the first quarter valued at approximately $20,895,000. Finally, Wellington Management Group LLP lifted its stake in shares of Trevi Therapeutics by 1,792.0% in the 3rd quarter. Wellington Management Group LLP now owns 3,253,888 shares of the company’s stock valued at $29,773,000 after purchasing an additional 3,081,906 shares during the last quarter. 95.76% of the stock is owned by hedge funds and other institutional investors.

Trevi Therapeutics Stock Performance

The company has a market cap of $1.38 billion, a PE ratio of -30.73 and a beta of 0.67. The company has a fifty day moving average of $9.90 and a two-hundred day moving average of $7.83.

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.