Trevi Therapeutics (NASDAQ:TRVI) Shares Down 6% – Here’s What Happened

Trevi Therapeutics, Inc. (NASDAQ:TRVI)’s share price dropped 6% on Tuesday . The stock traded as low as $14.97 and last traded at $14.9420. Approximately 312,210 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 1,687,127 shares. The stock had previously closed at $15.89.

Analysts Set New Price Targets

A number of brokerages have issued reports on TRVI. B. Riley Financial lifted their target price on shares of Trevi Therapeutics from $21.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Trevi Therapeutics in a research note on Friday, July 17th. Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of Trevi Therapeutics in a report on Wednesday, May 20th. Cantor Fitzgerald lifted their price objective on Trevi Therapeutics from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $40.00 target price on shares of Trevi Therapeutics in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $27.08.

Trevi Therapeutics Price Performance

The company has a fifty day simple moving average of $17.76 and a two-hundred day simple moving average of $15.25. The company has a market capitalization of $2.14 billion, a P/E ratio of -44.37 and a beta of 1.04.

Trevi Therapeutics (NASDAQ:TRVI) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). Equities analysts anticipate that Trevi Therapeutics, Inc. will post -0.48 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TRVI. BlackRock Inc. acquired a new position in Trevi Therapeutics during the 2nd quarter worth $208,041,000. Artia Global Partners LP acquired a new stake in shares of Trevi Therapeutics in the second quarter valued at about $41,232,000. First Light Asset Management LLC acquired a new stake in shares of Trevi Therapeutics in the second quarter valued at about $39,113,000. Bank of America Corp DE bought a new position in shares of Trevi Therapeutics in the second quarter worth about $28,588,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of Trevi Therapeutics in the second quarter worth about $28,447,000. 95.76% of the stock is currently owned by institutional investors and hedge funds.

Trevi Therapeutics Company Profile

Trevi Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for chronic cough and other conditions involving dysregulated sensory nerve activity. The company’s lead product candidate is Haduvio, an oral extended-release formulation of nalbuphine designed to reduce chronic cough through activity at opioid receptors.

Trevi is studying Haduvio for chronic cough associated with idiopathic pulmonary fibrosis, a progressive lung disease, as well as refractory chronic cough, a condition in which coughing persists despite treatment of underlying causes.