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On Thursday, analysts at Clear Street reiterated their Buy rating for Trevi Therapeutics (NASDAQ:TRVI), maintaining a price target of $11.00. According to InvestingPro data, analyst targets range from $7 to $21, with a strong Buy consensus. The reaffirmation follows recent developments in the competitive landscape for the treatment of refractory chronic cough (RCC). Merck (NSE:PROR) has withdrawn its FDA application for the approval of gefapixant in the United States and does not intend to resubmit. This withdrawal positions Trevi’s Haduvio as a leading candidate in the RCC treatment market, with GSK’s camlipixant as its only close competitor.
GSK anticipates that camlipixant will be approved in 2026, targeting specifically patients with a higher baseline cough frequency. It’s noteworthy that camlipixant did not meet the primary endpoint in its Phase 2 trial for the general chronic cough population. Clear Street highlighted the potential advantage for Haduvio, as it could be more effective in reducing cough frequency across a broader range of patients. Real-world clinical practice tends to favor treatments that are effective overall, rather than those tailored to patients with specific cough frequencies.
Trevi Therapeutics is strategically focusing on second-line and beyond (2L+) RCC patients, which represent approximately 33% of the market, under the care of specialty pulmonologists and allergists. This approach segments a target market of around 270,000 patients annually in the United States. With Haduvio potentially avoiding direct competition from camlipixant, Trevi may have the opportunity to implement premium pricing for its treatment.
The analyst’s comments underscore the significance of Haduvio’s positioning in the RCC treatment market. The opportunity for Trevi is considerable, given the narrowed competitive field and the targeted patient population under specialist care. InvestingPro analysis shows the company maintains strong financial flexibility with a current ratio of 7.38 and minimal debt, though it’s currently trading at a relatively high Price/Book multiple of 6.61. The maintained price target and Buy rating reflect Clear Street’s positive outlook on Trevi Therapeutics’ market strategy and the potential of Haduvio to become a preferred treatment option for RCC. Discover more insights about TRVI’s financial health and 10 additional ProTips with an InvestingPro subscription.
In other recent news, Trevi Therapeutics has been the focus of several significant developments. Analysts at Stifel have raised their price target for Trevi Therapeutics to $12.00, up from $8.00, while maintaining a Buy rating, driven by the anticipation of results from the Phase 2a RIVER Proof of Concept study for Haduvio in treating refractory chronic cough. B. Riley also increased their price target for Trevi to $11.00 from $6.00, citing positive progress in the company’s ongoing trials, including the Phase IIb CORAL study. Additionally, Trevi has announced a $50 million stock offering, pricing 12.5 million shares at $4.00 each, with the proceeds aimed at supporting their clinical trials and development efforts.
Meanwhile, Travere Therapeutics has announced plans to submit a supplemental New Drug Application (sNDA) for FILSPARI, targeting the treatment of focal segmental glomerulosclerosis, a rare kidney disorder. The submission is expected by the end of the first quarter of 2025, following a Type C meeting with the FDA. The upcoming sNDA will be based on data from the Phase 3 DUPLEX and Phase 2 DUET studies. Travere’s CEO highlighted the urgent need for treatment options for this condition, which affects over 40,000 individuals in the U.S. Investors have shown optimism regarding this development, reflecting confidence in the potential market opportunity for FILSPARI.
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