Trevi Therapeutics price target raised to $16 from $13 at Leerink

Leerink analyst Faisal Khurshid raised the firm’s price target on Trevi Therapeutics (TRVI) to $16 from $13 to reflect the Q3 print and the firm’s incrementally more positive view on Haduvio’s outlook following management commentary on the Q3 earnings call. Leerink keeps an Outperform rating on the shares. The firm also incrementally increased its Haduvio non-IPF ILD TAM assumptions given growing awareness of chronic cough and likely overlap with IPF & ILD prescribers, driving peak sales to $450M in 2038 for this indication, modestly increased Haduvio pricing to $70K/year from $67.5K/year, reflecting management’s positive commentary on Haduvio pricing and initial payer engagement, lowered its discount rate to 11% from 12% to reflect derisking as Haduvio advances toward a Phase 3 program, and modeled delayed tax expenses now beginning in 2032 to account for $200M in NOLs.