TRVI Stock Forecast & Price Target

Trevi Therapeutics is viewed favorably because Haduvio is addressing a large unmet need in chronic cough with a differentiated dual central-and-peripheral mechanism, and it is the only therapy in active development for IPF chronic cough while also advancing in non-IPF ILD and RCC. The company’s fundamentals are strengthened by repeated operational execution, multiple clinical catalysts already underway, and substantial balance-sheet flexibility, including $319M in cash at 2Q and runway guided until 2030, which supports the IPF Phase 3 program, RCC Phase 2b work, and non-IPF ILD development without near-term funding pressure. The exit of late-stage competitors such as GSK’s camlipixant further expands Haduvio’s commercial white space and scarcity value, with management estimating a US TAM of more than $30B across the addressable cough indications and peak-sales potential of more than $6B, reinforcing the case for meaningful long-term upside as readouts approach in 2H27 and 1H28.

Trevi Therapeutics is exposed to a highly speculative clinical-stage profile because its entire value proposition depends on Haduvio, an investigational oral nalbuphine ER for cough indications, with no approved commercial product to offset development risk or clinical setbacks. The GSK CALM-1/CALM-2 results underscore the fragility of the broader RCC treatment landscape rather than de-risking Trevi, because even a program that hit the primary endpoint at Week 12 still failed at Week 24, missed key patient-reported secondary endpoints, and was judged unlikely to transform care, which raises the bar for any future Haduvio data. Although the stock has risen more than 150% from last August, that move appears sentiment-driven rather than fundamentally supported, leaving the company vulnerable to volatility if upcoming efficacy or safety readouts do not clearly demonstrate a durable clinical advantage.