Trevi Therapeutics falls from record on $150 mln stock sale

Trevi Therapeutics

17/04/2026 12:13

** Trevi Therapeutics TRVI.O shares down 8.5% at $13.30 before the bell following pricing of approx $150 mln overnight follow-on offering

** New Haven, Connecticut-based biopharma late Thurs sold 11.6 mln shares at $13, a 10.6% discount to last sale

** TRVI's stock rose nearly 2% on Thurs, notching record high close of $14.54

** Co plans to use net offering proceeds to fund clinical development of Haduvio for treatment of chronic cough in patients with idiopathic pulmonary fibrosis (IPF), non-IPF ILD, and refractory chronic cough, among other uses, per the prospectus

** IPF is a chronic, progressive lung disease where tissue deep in the lungs becomes thick, stiff, and scarred

** Morgan Stanley, Leerink, Cantor and Stifel joint bookrunners for the offering

** TRVI has ~128.4 mln shares outstanding

** Through Thurs, stock up 16% YTD including 30% rise over the past month. It was trading around $6 a year ago

** All 12 analysts covering the stock are bullish including 4 "strong buy" ratings; median PT $21, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))