Advancing Haduvio in IPF-Related Chronic Cough: FDA-Endorsed Phase 3 Path and Strong Cash Position Underscore Undervalued Multibillion-Dollar Opportunity for Trevi

Analyst Brandon Folkes of H.C. Wainwright reiterated a Buy rating on Trevi Therapeutics, retaining the price target of $21.00.

Brandon Folkes has given his Buy rating due to a combination of factors tied to Trevi’s advancing regulatory and clinical position for Haduvio in IPF-related chronic cough. Following a successful End-of-Phase 2 meeting, the FDA endorsed a clear, two-study Phase 3 path with a validated 24-hour objective cough frequency endpoint and confirmation of the 54 mg twice-daily dose, which together de‑risk key development uncertainties and support timely trial initiation in 2026.

In his view, Trevi’s consistent execution against prior guidance, coupled with Haduvio’s potential across IPF and non-IPF interstitial lung disease chronic cough, underpins a multibillion‑dollar peak revenue opportunity that is not reflected in the current share price. The company’s strong cash position, with funding expected to extend well past the planned Phase 3 program, further supports the investment case by limiting financing risk and reinforcing his conviction that the stock remains undervalued relative to its long‑term commercial prospects.