Trevi Therapeutics (NASDAQ:TRVI) Trading Down 9.3% - Here's What Happened

Trevi Therapeutics, Inc. (NASDAQ:TRVI - Get Free Report) shares dropped 9.3% on Monday . The stock traded as low as $5.52 and last traded at $5.49. Approximately 464,875 shares were traded during trading, a decline of 76% from the average daily volume of 1,923,600 shares. The stock had previously closed at $6.05.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TRVI. B. Riley reissued a "buy" rating and issued a $20.00 price objective (up previously from $11.00) on shares of Trevi Therapeutics in a report on Wednesday, March 19th. D. Boral Capital reissued a "buy" rating and issued a $21.00 price target on shares of Trevi Therapeutics in a report on Wednesday, March 19th. HC Wainwright reaffirmed a "buy" rating and set a $12.50 price objective on shares of Trevi Therapeutics in a research note on Wednesday, March 19th. Needham & Company LLC reiterated a "buy" rating and issued a $24.00 target price on shares of Trevi Therapeutics in a research note on Tuesday. Finally, Raymond James raised shares of Trevi Therapeutics from an "outperform" rating to a "strong-buy" rating and increased their price target for the stock from $9.00 to $29.00 in a 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 MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $17.56.

Trevi Therapeutics Price Performance

The company's fifty day simple moving average is $5.30 and its 200-day simple moving average is $4.07. The firm has a market capitalization of $537.55 million, a PE ratio of -12.64 and a beta of 0.41.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) last posted its quarterly earnings data 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. Analysts forecast that Trevi Therapeutics, Inc. will post -0.49 earnings per share for the current year.

Insider Activity at Trevi Therapeutics

In related news, CEO Jennifer L. Good sold 5,263 shares of the company's stock in a transaction dated Friday, March 21st. The shares were 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 represents a 2.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Farrell Simon sold 81,313 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was 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 directly owns 76,900 shares in the company, valued at $519,075. This trade represents a 51.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Trevi Therapeutics

Large investors have recently made changes to their positions in the stock. Summit Investment Advisors Inc. boosted its stake in 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 buying an additional 2,894 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Trevi Therapeutics by 130.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,930 shares of the company's stock valued at $40,000 after acquiring an additional 6,764 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Trevi Therapeutics during the 4th quarter valued at about $49,000. Squarepoint Ops LLC purchased a new stake in shares of Trevi Therapeutics in the fourth quarter valued at about $58,000. Finally, Two Sigma Advisers LP acquired a new stake in Trevi Therapeutics during the fourth quarter worth about $66,000. 95.76% of the stock is currently owned by hedge funds and other institutional investors.

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.