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On Tuesday, H.C. Wainwright analysts maintained a Buy rating and a $21 price target on Trevi Therapeutics (NASDAQ:TRVI) stock following positive results from the company’s Phase 2b CORAL trial. According to InvestingPro data, analyst targets for TRVI range from $13 to $29, with five analysts recently revising earnings estimates upward. The trial evaluated Haduvio in patients suffering from Idiopathic Pulmonary Fibrosis Chronic Cough (IPF-CC).
The data, announced on Monday, indicated that Haduvio successfully met its primary endpoint, showing statistically significant reductions in 24-hour cough frequency across all dosage groups. Specifically, the 108 mg BID dose group achieved a -43.3% placebo-adjusted change from baseline, with a p-value of less than 0.0001.
Patients experienced a rapid decrease in 24-hour cough frequency by the second week of the trial, the first time point measured. Haduvio was generally well-tolerated across all doses, with similar discontinuation rates due to adverse events between the Haduvio and placebo groups, at 5.6% and 5.0%, respectively.
Trevi Therapeutics plans to request an End-of-Phase 2 meeting with the FDA later this year. The company aims to initiate its Phase 3 program in the first half of 2026. The company maintains a strong financial position with more cash than debt and a current ratio of 15.38, indicating robust liquidity to support its clinical development programs.
In other recent news, Trevi Therapeutics announced positive results from its Phase 2b CORAL clinical trial for Haduvio, a treatment for chronic cough associated with idiopathic pulmonary fibrosis (IPF). The trial met its primary endpoint, showing statistically significant reductions in 24-hour cough frequency across all dose groups. Following these results, Raymond (NSE:RYMD) James reiterated a Strong Buy rating with a price target of $29.00, while Stifel maintained a Buy rating with a $15.00 price target. Oppenheimer also increased its price target to $23, highlighting the potential $1.5 billion revenue opportunity in the U.S. for this indication.
Additionally, Trevi Therapeutics has initiated a public offering of $100 million in common stock, with an option for underwriters to purchase an additional $15 million in shares. The offering is contingent on market conditions and is being managed by Morgan Stanley (NYSE:MS), Leerink Partners, Stifel, and Cantor. Trevi plans to use the funds to further develop Haduvio and explore its potential in other chronic cough markets. The company is preparing for an End-of-Phase 2 meeting with the FDA in the second half of 2025 and plans to initiate additional trials for non-IPF interstitial lung disease and refractory chronic cough.
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