Analysts for SVB Leerink and Stifel launched coverage of Trevi Therapeutics (NASDAQ:TRVI) with “outperform” and “buy” ratings, respectively.
Trevi is developing an oral formulation of nalbuphine, which could address a high unmet need in prurigo nodularis (PN), given no FDA-approved therapies for PN, with the potential to expand to other pruritus indications, which lack effective treatment options, writes analyst Ami Fadia of SVB Leerink.
“Should the data be positive and nalbuphine extended release be approved, we believe this could generate more than $200-million in 2030 risk-adjusted sales,” she added.
Ms. Fadia’s price target for Trevi is $14. The stock closed at $10.12 on June 3.
Annabel Samimy of Stifel writes that the versatility of Nalbuphine ER’s dual kappa(κ)-receptor agonist/mu (μ)-receptor antagonist mechanism gives Trevi many avenues of investigation and potential for long-term growth.
“Its formulation into oral form from injectable has opened the potential for Nalbuphine ER to be applied to a number of chronic conditions,” she added. “With proof-of-concept already established in multiple severe pruritic conditions, Trevi has moved into well designed late-stage trials for PN and is in dose-finding studies for pruritus associated with chronic liver disease,” Ms. Samimy said.
She set a $20 price target for the stock.
