First Light Asset Management LLC Takes $39.11 Million Position in Trevi Therapeutics, Inc. $TRVI

First Light Asset Management LLC purchased a new position in shares of Trevi Therapeutics, Inc. (NASDAQ:TRVI) in the second quarter, HoldingsChannel.com reports. The fund purchased 2,097,215 shares of the company’s stock, valued at approximately $39,113,000. Trevi Therapeutics comprises 2.4% of First Light Asset Management LLC’s holdings, making the stock its 18th largest position.

Several other large investors have also made changes to their positions in TRVI. BlackRock Inc. bought a new position in Trevi Therapeutics in the second quarter valued at approximately $208,041,000. Alliancebernstein L.P. raised its position in Trevi Therapeutics by 19,064.5% during 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 in the last quarter. Rubric Capital Management LP lifted 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 purchasing an additional 3,993,325 shares during the last quarter. Viking Global Investors LP lifted 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 purchasing an additional 3,585,875 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in Trevi Therapeutics by 1,792.0% during the third 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. Institutional investors and hedge funds own 95.76% of the company’s stock.

Analyst Ratings Changes

TRVI has been the topic of several recent analyst reports. Wall Street Zen lowered Trevi Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Oppenheimer upped their price objective on Trevi Therapeutics from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of Trevi Therapeutics in a research note on Friday, August 7th. B. Riley Financial lifted their target price on Trevi Therapeutics from $21.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Finally, JonesTrading lifted their target price on Trevi Therapeutics from $24.00 to $28.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Trevi Therapeutics currently has an average rating of “Buy” and an average price target of $27.08.

Trevi Therapeutics Price Performance

Shares of Trevi Therapeutics stock opened at $16.64 on Thursday. Trevi Therapeutics, Inc. has a fifty-two week low of $7.64 and a fifty-two week high of $20.22. The firm has a market capitalization of $2.37 billion, a P/E ratio of -48.94 and a beta of 1.04. The company’s 50 day moving average price is $17.88 and its two-hundred day moving average price is $15.15.

Trevi Therapeutics (NASDAQ:TRVI) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). On average, analysts expect that Trevi Therapeutics, Inc. will post -0.48 earnings per share for the current year.

Trevi Therapeutics Company Profile

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.