H.C. Wainwright Reiterates Buy Rating on Trevi Therapeutics (TRVI)

H.C. Wainwright analyst Oren Livnat reiterated a Buy rating and $6.00 price target on Trevi Therapeutics (NASDAQ: TRVI).

The analyst commented: "Yesterday (10/21) Trevi announced continued progress toward its near-term transformational catalysts for Haduvio (oral nalbuphine ER) for chronic cough indications. The RIVER Phase 2a in refractory chronic cough—a potential blockbuster opportunity with nothing currently approved—has completed enrollment with topline data expected in 1Q25 (we assume by February). This follows the recent October 3rd pipeline update which confirmed: (1) Human Abuse Potential (HAP) study results are expected in December—an important to event to confirm nalbuphine’s lower drug-liking vs. IB butorphanol (a DEA Schedule IV drug) and to give comfort in non-controlled status (DEA unscheduled) labeling for Haduvio; and (2) the later-stage CORAL Phase 2b in chronic cough in idiopathic pulmonary fibrosis (CC-IPF) was 50% enrolled, with the sample size re-estimation (SSRE) update also expected in December—an important update for investor risk-estimation of CORAL final topline data expected as early as 1H25. Based on remarkable proof of concept efficacy already shown in Trevi’s CANAL CC-IPF Phase 2a—with large magnitude of cough reductions likely reflecting Haduvio’s mixed opioid kappa-receptor agonist and mu-antagonist MOA acting both centrally and peripherally—we’re optimistic for the results in both RCC Phase 2a and CC-IPF Phase 2b vs. placebo. We believe TRVI, at a $269M enterprise value, is potentially highly undervalued relative to the opportunities in CC-IPF and RCC, particularly in light of Bellus being acquired by GSK (GSK; not rated) last year for $2B with camlipixant for RCC in Phase 3 with lower Phase 2 magnitude of cough reduction than seen in Trevi’s CANAL CC-IPF Phase 2a. We currently model Haduvio launching CC-IPF peak ~$650M sales, and RCC combined ~$650M sales plus partner royalties, and our current $6 price target reflects just a blended ~40% probability of success."

For an analyst ratings summary and ratings history on Trevi Therapeutics click here. For more ratings news on Trevi Therapeutics click here.

Shares of Trevi Therapeutics closed at $3.35 yesterday.

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