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

Trevi Therapeutics, Inc. (NASDAQ:TRVI) shares gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $11.19, but opened at $11.86. Trevi Therapeutics shares last traded at $10.8890, with a volume of 178,855 shares trading hands.

The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04.

Key Stories Impacting Trevi Therapeutics

Here are the key news stories impacting Trevi Therapeutics this week:

• Positive Sentiment: Needham raised its price target from $22 to $24 and kept a “buy” rating, implying ~114% upside from the recent price — a strong analyst endorsement that can support further upside. Needham Price Target Raise
• Positive Sentiment: D. Boral Capital reaffirmed a “buy” rating and set a $19 price target (~70% upside), providing additional broker support behind the stock. D. Boral Rating Reaffirmed
• Positive Sentiment: Trevi gained FDA alignment to run two pivotal Phase 3 trials for IPF-related chronic cough — a major clinical development milestone that materially de-risks the path to registration and is likely the primary fundamental driver of investor enthusiasm. FDA Alignment for Phase 3 Trials
• Positive Sentiment: Q4 2025 results beat expectations: Trevi reported ($0.06) EPS vs. consensus ($0.10) loss — a small beat that supports management’s execution narrative ahead of the Phase 3 program. Q4 2025 Press Release
• Neutral Sentiment: Earnings call highlights and transcript provide management color on strategy and the Phase 3 design; useful for gauging timelines and cash burn but not immediately market-moving beyond the FDA alignment news. Earnings Call Highlights Earnings Call Transcript
• Neutral Sentiment: Valuation pieces are re-running after the FDA green light; they help frame upside scenarios but depend heavily on trial outcomes and eventual commercialization timing. Valuation After FDA Green Light
• Negative Sentiment: Risk: Trevi remains unprofitable with negative EPS and is years away from potential commercial revenue; trial execution, enrollment, and subsequent regulatory review remain material binary risks for the stock.

Analyst Ratings Changes

Several brokerages have recently commented on TRVI. Needham & Company LLC upped their price objective on shares of Trevi Therapeutics from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday. D. Boral Capital reissued a “buy” rating and issued a $19.00 target price on shares of Trevi Therapeutics in a research report on Wednesday. Oppenheimer restated an “outperform” rating on shares of Trevi Therapeutics in a research note on Monday, March 9th. HC Wainwright restated a “buy” rating and set a $21.00 price target on shares of Trevi Therapeutics in a research report on Monday, March 9th. Finally, Stifel Nicolaus lifted their price objective on Trevi Therapeutics from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, December 19th. Two investment 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 data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $21.30.

Hedge Funds Weigh In On Trevi Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Rubric Capital Management LP increased its holdings in Trevi Therapeutics by 88.0% in the second quarter. Rubric Capital Management LP now owns 8,531,860 shares of the company’s stock valued at $46,669,000 after buying an additional 3,993,325 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Trevi Therapeutics by 10.4% during the 4th quarter. Vanguard Group Inc. now owns 6,434,655 shares of the company’s stock worth $80,562,000 after acquiring an additional 607,669 shares in the last quarter. Viking Global Investors LP boosted its position 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 acquiring an additional 3,585,875 shares in the last quarter. Vivo Capital LLC increased its holdings in shares of Trevi Therapeutics by 13.5% in the 3rd quarter. Vivo Capital LLC now owns 5,094,668 shares of the company’s stock valued at $46,616,000 after acquiring an additional 606,765 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Trevi Therapeutics by 95.4% in the 3rd quarter. Marshall Wace LLP now owns 4,841,751 shares of the company’s stock valued at $44,302,000 after acquiring an additional 2,363,835 shares during the last quarter. Institutional investors and hedge funds own 95.76% of the company’s stock.

Trevi Therapeutics Stock Performance

The firm has a 50-day moving average price of $11.17 and a two-hundred day moving average price of $10.93. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -29.60 and a beta of 0.94.

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.