Trevi Therapeutics (NASDAQ:TRVI) Shares Gap Down - Here's What Happened

Trevi Therapeutics, Inc. (NASDAQ:TRVI - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $6.29, but opened at $6.13. Trevi Therapeutics shares last traded at $5.67, with a volume of 610,946 shares.

Analysts Set New Price Targets

TRVI has been the topic of a number of research analyst reports. Oppenheimer lifted their target price on Trevi Therapeutics from $12.00 to $20.00 and gave the company an "outperform" rating in a report on Tuesday, March 11th. B. Riley reaffirmed a "buy" rating and issued a $20.00 price objective (up from $11.00) on shares of Trevi Therapeutics in a research note on Wednesday, March 19th. Needham & Company LLC dropped their target price on shares of 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 reaffirmed a "buy" rating and set a $12.50 price target on shares of Trevi Therapeutics in a research report on Wednesday, March 19th. Finally, Raymond James raised shares of Trevi Therapeutics from an "outperform" rating to a "strong-buy" rating and increased their price objective for the stock from $9.00 to $29.00 in a research report on Monday, March 10th. Seven research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $17.56.

Trevi Therapeutics Price Performance

The firm has a market capitalization of $584.93 million, a price-to-earnings ratio of -13.75 and a beta of 0.41. The business's 50-day moving average price is $5.06 and its 200 day moving average price is $3.95.

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Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last released its quarterly earnings results on Tuesday, March 18th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.01. As a group, sell-side analysts expect that Trevi Therapeutics, Inc. will post -0.49 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Farrell Simon sold 81,313 shares of the firm's stock in a transaction that occurred 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 sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer L. Good sold 5,263 shares of Trevi Therapeutics 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 owns 213,313 shares of the company's stock, valued at approximately $1,403,599.54. This trade 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.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TRVI. Summit Investment Advisors Inc. lifted its position 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 last quarter. BNP Paribas Financial Markets lifted its holdings in Trevi Therapeutics by 130.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,930 shares of the company's stock worth $40,000 after buying an additional 6,764 shares during the last quarter. Raymond James Financial Inc. bought a new position in Trevi Therapeutics during the 4th quarter worth approximately $49,000. Squarepoint Ops LLC acquired a new position in shares of Trevi Therapeutics in the 4th quarter worth approximately $58,000. Finally, Two Sigma Advisers LP bought a new stake in shares of Trevi Therapeutics in the 4th quarter valued at approximately $66,000. 95.76% of the stock is owned by institutional investors and hedge funds.

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.