Analyst Brandon Folkes from H.C. Wainwright reiterated a Buy rating on Trevi Therapeutics (TRVI – Research Report) and keeping the price target at $21.00.
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Brandon Folkes has given his Buy rating due to a combination of factors, primarily driven by the promising results from the Phase 2b CORAL trial of Haduvio for treating Idiopathic Pulmonary Fibrosis Chronic Cough (IPF-CC). The trial demonstrated statistically significant reductions in 24-hour cough frequency across all dose groups, with the highest dose achieving a remarkable 43.3% placebo-adjusted change from baseline. This rapid and substantial reduction in cough frequency, coupled with the favorable tolerability profile, underscores the potential of Haduvio as a viable treatment option.
Folkes believes that the market opportunity for Haduvio in IPF-CC is substantial, potentially exceeding $1 billion, and sees additional revenue potential from its use in refractory chronic cough and broader non-IPF interstitial lung diseases. The data not only reinforces the view that Trevi Therapeutics’ stock is undervalued but also highlights the lack of competition in this space, further enhancing the risk-reward profile for investors. The successful trial results and the planned progression to Phase 3 trials contribute to Folkes’s optimistic outlook on the stock.
In another report released yesterday, Stifel Nicolaus also reiterated a Buy rating on the stock with a $15.00 price target.