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

Trevi Therapeutics, Inc. (NASDAQ:TRVI) shares gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $11.46, but opened at $12.14. Trevi Therapeutics shares last traded at $11.6920, with a volume of 403,195 shares trading hands.

The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TRVI. Morgan Stanley restated an “overweight” rating and issued a $19.00 target price on shares of Trevi Therapeutics in a research note on Friday. Leerink Partners began coverage on shares of Trevi Therapeutics in a research note on Thursday. They set an “outperform” rating and a $13.00 price objective on the stock. Oppenheimer restated an “outperform” rating and set a $24.00 price target on shares of Trevi Therapeutics in a research report on Friday. Needham & Company LLC lowered their target price on Trevi Therapeutics from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Finally, Raymond James Financial reduced their price target on shares of Trevi Therapeutics from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in shares of Trevi Therapeutics by 18.4% during the 1st quarter. Bank of New York Mellon Corp now owns 166,076 shares of the company’s stock worth $1,045,000 after buying an additional 25,857 shares during the period. BIT Capital GmbH acquired a new position in shares of Trevi Therapeutics in the 1st quarter valued at $264,000. Vanguard Group Inc. boosted its position in shares of Trevi Therapeutics by 9.4% in the 1st quarter. Vanguard Group Inc. now owns 3,838,032 shares of the company’s stock worth $24,141,000 after purchasing an additional 328,819 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Trevi Therapeutics by 19.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 207,518 shares of the company’s stock valued at $1,305,000 after purchasing an additional 34,455 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in Trevi Therapeutics by 28.7% in the first quarter. Deutsche Bank AG now owns 37,626 shares of the company’s stock valued at $237,000 after buying an additional 8,383 shares during the period. 95.76% of the stock is currently owned by institutional investors and hedge funds.

Trevi Therapeutics Stock Up 0.7%

The stock has a market cap of $1.41 billion, a P/E ratio of -27.49 and a beta of 0.67. The stock has a fifty day simple moving average of $9.82 and a 200-day simple moving average of $7.79.

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.