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On Monday, Leerink Partners raised the price target for Trevi Therapeutics (NASDAQ:TRVI) shares to $11.00 from $7.00, while reiterating an Outperform rating. The increase follows the presentation of new data from Trevi’s RIVER study in refractory chronic cough (RCC). According to InvestingPro data, the stock has already delivered an impressive 51% return over the past year, with analyst targets ranging from $7 to $21. The study’s findings have positioned Trevi’s drug Haduvio as a potential leading treatment in its class, offering significant efficacy in a broad RCC market.
During a recent conference call, Trevi Therapeutics shared additional information from the Phase 2a RIVER trial, which focused on Haduvio (oral nalbuphine ER). The data included detailed efficacy results across various patient subpopulations and insights into the drug’s safety and tolerability. These details built upon the positive results announced earlier, solidifying Haduvio’s standing as an effective treatment option for RCC. The company, currently valued at $535.3 million, maintains strong financial health with a current ratio of 7.38, indicating robust liquidity to support its development programs.
Analysts at Leerink expressed satisfaction with Haduvio’s performance on the primary endpoint of the trial, noting that it exceeded the upper bounds of investor expectations for both moderate and severe RCC subtypes. This outcome was hailed as a definitive success for Trevi Therapeutics.
In response to the trial’s outcomes, Leerink Partners has updated its model to incorporate an increased probability of success (POS) for Haduvio in treating not only RCC but also idiopathic pulmonary fibrosis (IPF) cough. The firm’s continued support for the Outperform rating and the revised price target reflects confidence in Haduvio’s market potential. Investors anticipating the company’s next earnings report on March 19 can access comprehensive analysis and additional insights through InvestingPro’s detailed research reports, which include over 30 key financial metrics and exclusive ProTips.
In other recent news, Trevi Therapeutics has reported positive results from its Phase 2a RIVER trial for the drug Haduvio, aimed at treating refractory chronic cough (RCC). The trial demonstrated a 57% placebo-adjusted reduction in cough frequency, surpassing the trial’s original goal and outperforming other treatments in development. Following these results, Raymond (NSE:RYMD) James upgraded Trevi’s stock to Strong Buy, raising the price target to $29.00, while Needham increased their target to $25.00, maintaining a Buy rating. Stifel also maintained a Buy rating with a $12.00 price target, highlighting the trial’s success and Haduvio’s unique dual mechanism of action.
Analysts from Clear Street reiterated a Buy rating for Trevi, setting a price target at $11.00, as Merck (NSE:PROR) withdrew its FDA application for gefapixant, leaving Haduvio as a leading candidate in the RCC treatment market. The absence of FDA-approved treatments for RCC positions Haduvio as a potential frontrunner, with Trevi Therapeutics strategically targeting second-line and beyond RCC patients in the U.S. market. The company is preparing for a Phase 2b readout in IPF-CC in the first half of 2025, with analysts expressing optimism about future developments. The positive trial results have resonated with investors, as evidenced by the significant attention from analysts and the potential market opportunities for Haduvio.
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