Trevi Therapeutics (TRVI) PT Lowered to $8 at Needham & Company
Needham & Company analyst Serge Belanger lowered the price target on Trevi Therapeutics (NASDAQ: TRVI) to $8.00 (from $10.00) while maintaining a Buy rating.
The analyst commented, "TRVI reported 3Q21 financials and provided a corporate update. The ph 2b/3 PRISM trial, evaluating Haduvio (nalbuphine ER) as a treatment for pruritus associated with prurigo nodularis (PN) has now reached ~90% of its 360-pt enrollment target and remains on track for a top-line readout in 1H22. The ph 2 CANAL trial evaluating Haduvio in IPF patients with chronic cough also remains on track to report results in 1H22. TRVI's discounted valuation offers an opportunity to explore nalbuphine ER's potential in various neurological conditions. We view the upcoming PRISM trial readout as TRVI's most important value-driving catalyst as it would significantly de-risk the PN program and Haduvio's potential in other indications. We maintain our Buy rating and adjust our $PT to $8 (from $10) to reflect our updated model (higher OpEx adjustments)."