Cowen Raises Price Target for Trevena Inc on Back of Positive Phase 2b Study Data in Postoperative Soft Tissue Pain
In a research report issued today, Cowen analyst Ritu Baral reiterated an Outperform rating on shares of Trevena Inc (NASDAQ:TRVN) and slightly raised the price target to $14 (from $13), after the company announced positive results from its Phase 2b study of TRV130 in acute postoperative pain, sending shares up more than 50% as of 2:32PM EDT.
Baral noted, “We are increasing our target to $14 from $13 based on increased conviction around TRV130, which yesterday showed more positive Ph2b data (stat sig vs. PBO) in postoperative soft tissue pain (post-abdominoplasty). Data showed comparable efficacy, quicker onset of action, stat sig superior safety compared to morphine. We expect Ph3 development to begin in 1Q16.”
“We think there is a significant need for safer analgesics in hospitals and clinics, especially given post-op deaths occur in obese/opioid tolerant patients who require greater amount of opioid but whose bodies cannot cope with the ensuing respiratory depression,” the analyst added.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ritu Baral has a total average return of 19.1% and a 49.0% success rate. Baral has a -3.8% average return when recommending TRVN, and is ranked #89 out of 3742 analysts.
All the 3 analysts polled by TipRanks rate Trevena stock a Buy. With a return potential of 41%, the stock’s consensus target price stands at $14.