Shares of Trevi Therapeutics, Inc. (NASDAQ: TRVI) surged 6.40% in Wednesday's pre-market trading session following the company's release of strong fourth-quarter 2024 results and positive updates on its clinical programs for chronic cough treatments.

The clinical-stage biopharmaceutical company, focused on developing treatments for chronic cough and other neurologically mediated conditions, reported encouraging progress across multiple fronts. In its earnings call, Trevi highlighted three positive data readouts from 2024, including the Human Abuse Potential study, the CORAL study in chronic cough patients with IPF (idiopathic pulmonary fibrosis), and the RIVER study in patients with refractory chronic cough (RCC).

Of particular note, Trevi's lead candidate, Haduvio, met its primary endpoint in the Phase 2a RIVER trial for RCC, demonstrating a statistically significant reduction in 24-hour objective cough frequency. This positive data has positioned Haduvio as a potential first-in-class therapy for IPF-related cough and a promising candidate for treating chronic cough conditions. The company also reported a strong cash position of $107.6 million, providing runway into the second half of 2026 to advance its clinical programs.

Following the earnings release and clinical updates, several analysts have maintained or raised their price targets for Trevi Therapeutics. B. Riley Financial reiterated a Buy rating and raised its price target to $20 from $11, while Needham slightly lowered its target to $24 from $25, maintaining a positive outlook on the company's prospects. Stifel Nicolaus and HC Wainwright & Co. also reaffirmed their Buy ratings with price targets of $15 and $12.50, respectively.

As Trevi Therapeutics continues to advance its pipeline and generate positive clinical data, investors appear optimistic about the company's potential in addressing significant unmet needs in chronic cough treatment, driving the pre-market stock surge. The company is now preparing for the readout of its Phase 2b CORAL trial in IPF chronic cough, expected in the second quarter of 2025, which could further bolster its position in the chronic cough treatment market.