Trevi Therapeutics, Inc. (NASDAQ:TRVI) Sees Significant Increase in Short Interest

Trevi Therapeutics, Inc. (NASDAQ:TRVI - Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 4,680,000 shares, an increase of 23.5% from the February 28th total of 3,790,000 shares. Approximately 8.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,840,000 shares, the days-to-cover ratio is currently 2.5 days.

Trevi Therapeutics Trading Down 2.7 %

Trevi Therapeutics stock traded down $0.17 during midday trading on Friday, reaching $6.05. The stock had a trading volume of 1,474,374 shares, compared to its average volume of 1,039,456. The company has a fifty day moving average price of $5.10 and a two-hundred day moving average price of $3.97. Trevi Therapeutics has a 12 month low of $2.30 and a 12 month high of $7.39. The company has a market capitalization of $584.93 million, a P/E ratio of -13.75 and a beta of 0.41.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last issued its earnings results on Tuesday, March 18th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.01. On average, equities research analysts predict that Trevi Therapeutics will post -0.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Farrell Simon sold 81,313 shares of the firm's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $6.75, for a total transaction of $548,862.75. Following the completion of the transaction, the insider now owns 76,900 shares of the company's stock, valued at approximately $519,075. This trade represents a 51.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jennifer L. Good sold 5,263 shares of the business's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $6.58, for a total transaction of $34,630.54. Following the completion of the sale, the chief executive officer now directly owns 213,313 shares in the company, valued at approximately $1,403,599.54. This represents a 2.41 % decrease in their position. The disclosure for this sale can be found here. Insiders own 24.37% of the company's stock.

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Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Frazier Life Sciences Management L.P. lifted its position in Trevi Therapeutics by 44.5% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 10,664,774 shares of the company's stock valued at $43,939,000 after acquiring an additional 3,283,684 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Trevi Therapeutics during the 4th quarter worth $17,099,000. Vivo Capital LLC grew its position in Trevi Therapeutics by 116.3% during the fourth quarter. Vivo Capital LLC now owns 3,487,903 shares of the company's stock valued at $14,370,000 after buying an additional 1,875,000 shares during the period. Woodline Partners LP increased its holdings in Trevi Therapeutics by 429.9% during the fourth quarter. Woodline Partners LP now owns 3,212,597 shares of the company's stock worth $13,236,000 after buying an additional 2,606,370 shares during the last quarter. Finally, MPM Bioimpact LLC raised its position in Trevi Therapeutics by 101.2% in the fourth quarter. MPM Bioimpact LLC now owns 3,094,896 shares of the company's stock worth $12,751,000 after acquiring an additional 1,556,379 shares during the period. 95.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TRVI shares. Needham & Company LLC lowered their price objective on Trevi Therapeutics from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Wednesday, March 19th. HC Wainwright restated a "buy" rating and issued a $12.50 price target on shares of Trevi Therapeutics in a research report on Wednesday, March 19th. B. Riley reiterated a "buy" rating and set a $20.00 price objective (up from $11.00) on shares of Trevi Therapeutics in a research report on Wednesday, March 19th. Raymond James upgraded shares of Trevi Therapeutics from an "outperform" rating to a "strong-buy" rating and boosted their target price for the company from $9.00 to $29.00 in a report on Monday, March 10th. Finally, D. Boral Capital reiterated a "buy" rating and set a $21.00 price target on shares of Trevi Therapeutics in a report on Wednesday, March 19th. Seven research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Trevi Therapeutics presently has a consensus rating of "Buy" and an average price target of $17.56.

About Trevi Therapeutics

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.