Trevi Therapeutics (NASDAQ:TRVI) Stock Price Up 9.4% – Here’s What Happened

Shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI) shot up 9.4% on Wednesday . The stock traded as high as $11.62 and last traded at $11.6350. 460,128 shares were traded during trading, a decline of 67% from the average session volume of 1,396,249 shares. The stock had previously closed at $10.64.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TRVI. JonesTrading lowered their price target on Trevi Therapeutics from $25.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, March 19th. Morgan Stanley cut their price objective on shares of Trevi Therapeutics from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, March 18th. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Trevi Therapeutics in a research report on Monday, March 9th. D. Boral Capital restated a “buy” rating and set a $19.00 price target on shares of Trevi Therapeutics in a research note on Wednesday, March 18th. Finally, Stifel Nicolaus raised their price target on shares of Trevi Therapeutics from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $21.60.

Trevi Therapeutics Stock Performance

The firm’s 50 day simple moving average is $11.13 and its 200 day simple moving average is $11.06. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -36.88 and a beta of 0.94.

Trevi Therapeutics (NASDAQ:TRVI) last issued its earnings results on Tuesday, March 17th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. As a group, sell-side analysts forecast that Trevi Therapeutics, Inc. will post -0.49 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its position in Trevi Therapeutics by 20.4% in the 1st quarter. AQR Capital Management LLC now owns 27,720 shares of the company’s stock worth $174,000 after purchasing an additional 4,688 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Trevi Therapeutics by 31.0% in the 1st 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 period. Millennium Management LLC lifted its stake in shares of Trevi Therapeutics by 356.3% in the 1st quarter. Millennium Management LLC now owns 823,249 shares of the company’s stock valued at $5,178,000 after purchasing an additional 642,830 shares during the period. Strs Ohio purchased a new stake in Trevi Therapeutics during the first quarter worth $52,000. Finally, Geode Capital Management LLC boosted its holdings in Trevi Therapeutics by 10.6% during the second quarter. Geode Capital Management LLC now owns 1,786,845 shares of the company’s stock worth $9,776,000 after buying an additional 171,980 shares in the last quarter. 95.76% of the stock is currently owned by hedge funds and other institutional investors.

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.