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

Trevi Therapeutics, Inc. (NASDAQ:TRVI)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $6.56, but opened at $6.98. Trevi Therapeutics shares last traded at $6.67, with a volume of 192,160 shares traded.

The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.01.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Oppenheimer lifted their target price on Trevi Therapeutics from $12.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, March 11th. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Trevi Therapeutics in a research note on Wednesday. Needham & Company LLC cut their target price on Trevi Therapeutics from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday. D. Boral Capital reissued a “buy” rating and issued a $21.00 price target on shares of Trevi Therapeutics in a report on Wednesday. Finally, Raymond James raised Trevi Therapeutics from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $9.00 to $29.00 in a report on Monday, March 10th. Seven equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $15.81.

Insider Buying and Selling

In related news, insider Farrell Simon sold 81,313 shares of Trevi Therapeutics stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $6.75, for a total transaction of $548,862.75. Following the completion of the sale, the insider now owns 76,900 shares of the company’s stock, valued at $519,075. The trade was a 51.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 24.37% of the company’s stock.

Institutional Investors Weigh In On Trevi Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Summit Investment Advisors Inc. lifted its holdings in shares of Trevi Therapeutics by 84.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,332 shares of the company’s stock worth $26,000 after purchasing an additional 2,894 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Trevi Therapeutics by 130.9% during the third quarter. BNP Paribas Financial Markets now owns 11,930 shares of the company’s stock worth $40,000 after purchasing an additional 6,764 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Trevi Therapeutics during the fourth quarter worth about $49,000. Squarepoint Ops LLC acquired a new stake in shares of Trevi Therapeutics during the fourth quarter worth about $58,000. Finally, Two Sigma Advisers LP acquired a new stake in shares of Trevi Therapeutics during the fourth quarter worth about $66,000. Institutional investors and hedge funds own 95.76% of the company’s stock.

Trevi Therapeutics Price Performance

The stock has a market cap of $518.54 million, a price-to-earnings ratio of -15.30 and a beta of 0.90. The stock has a fifty day moving average of $4.44 and a 200 day moving average of $3.68.

Trevi Therapeutics Company Profile

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.