Needham analyst Serge Belanger raised the firm’s price target on Trevi Therapeutics to $10 from $8 and keeps a Buy rating on the shares. The stock closed Wednesday up 21% to $2.45. The Phase 2b/3 trial evaluating Haduvio as a treatment for prurigo nodularis successfully met the key primary and secondary endpoints, Belanger tells investors in a research note. The analyst says Haduvio had a quick onset of action reaching statistical significance at six-weeks with efficacy that had yet to plateau at the week-14 readout. Belanger believes Trevi’s valuation discounts Haduvio’s potential and upped the price target to reflect “additional de-risking” of the prurigo nodularis program.
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