TREVI THERAPEUTICS INC TRVI
COM · Common Stock · CUSIP 89532M101
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersNew Haven, CT
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($109.9k this quarter). Holder counts are more reliable. Shares outstanding: 128.4m as of 2026-03-12, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $11.97. Options: 7 managers hold calls ($11.1m notional), 6 hold puts ($5.7m).
Trends to Q1 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 41 |
| Q4 2022 | 38 |
| Q1 2023 | 37 |
| Q2 2023 | 54 |
| Q3 2023 | 56 |
| Q4 2023 | 64 |
| Q1 2024 | 81 |
| Q2 2024 | 78 |
| Q3 2024 | 94 |
| Q4 2024 | 111 |
| Q1 2025 | 138 |
| Q2 2025 | 155 |
| Q3 2025 | 164 |
| Q4 2025 | 185 |
| Q1 2026 | 199 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 40 | 25 |
| Q3 2024 | 48 | 21 |
| Q4 2024 | 67 | 31 |
| Q1 2025 | 95 | 43 |
| Q2 2025 | 103 | 55 |
| Q3 2025 | 100 | 65 |
| Q4 2025 | 103 | 63 |
| Q1 2026 | 99 | 87 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $7.8m | $3.7m | 0.48 |
| Q3 2025 | $8.4m | $16.4m | 1.94 |
| Q4 2025 | $5.3m | $7.5m | 1.41 |
| Q1 2026 | $11.1m | $5.7m | 0.51 |
Biggest buyers
| Vestal Point Capital, LP | New | +2.2m |
| WELLINGTON MANAGEMENT GROUP LLP | Added | +1.8m |
| FMR LLC | Added | +1.5m |
| CITADEL ADVISORS LLC | Added | +1.0m |
| FRONTIER CAPITAL MANAGEMENT CO LLC | Added | +885.8k |
| Logos Global Management LP | Added | +850.0k |
| Candriam S.C.A. | New | +773.6k |
| Soleus Capital Management, L.P. | Added | +720.0k |
| Ensign Peak Advisors, Inc | New | +464.7k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +365.3k |
Biggest sellers
| Octagon Capital Advisors LP | Reduced | -1.3m |
| Point72 Asset Management, L.P. | Sold out | -1.0m |
| ORBIMED ADVISORS LLC | Reduced | -736.3k |
| MARSHALL WACE, LLP | Reduced | -614.5k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -597.9k |
| Informed Momentum Co LLC | Sold out | -541.2k |
| PRUDENTIAL FINANCIAL INC | Reduced | -534.5k |
| BARCLAYS PLC | Reduced | -529.1k |
| Siren, L.L.C. | Reduced | -500.0k |
| STEMPOINT CAPITAL LP | Sold out | -399.6k |
Biggest calls
| Caption Management, LLC | New | $4.3m360.0k shares |
| JANE STREET GROUP, LLC | Added | $2.5m209.5k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.8m148.5k shares |
| CITADEL ADVISORS LLC | Added | $1.3m105.1k shares |
| RAYMOND JAMES FINANCIAL INC | Reduced | $800.0k100.0k shares |
| GROUP ONE TRADING LLC | Reduced | $269.6k22.6k shares |
| SIMPLEX TRADING, LLC | Added | $219.5k18.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.3m189.9k shares |
| SIMPLEX TRADING, LLC | Added | $1.5m124.9k shares |
| JANE STREET GROUP, LLC | Reduced | $652.6k54.7k shares |
| CITADEL ADVISORS LLC | Reduced | $558.3k46.8k shares |
| GROUP ONE TRADING LLC | Reduced | $390.1k32.7k shares |
| IMC-Chicago, LLC | Reduced | $315.0k26.4k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
New Enterprise Associates 16, L.P.
13D · may seek influence
-1.1 pts · filed 2026-05-07
Stated purposeThe Funds acquired the Firm Shares for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, the Funds and other Reporting Persons may dispose of or acquire additional shares of the Issuer, including shares that may be acquired upon exercise of the NEA 16 Warrants prior to expiration. Except as set forth above, none of the Reporting Persons has any present plans which relate to or would result in: (a) The acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) A sale or transfer of a material amount … Full filing |
10.5% |
| FMR LLC 13G · institution +2.5 pts · filed 2026-08-06 | 8.8% |
| Frazier Life Sciences Public Fund, L.P. 13G · passive investor -3.6 pts · filed 2025-11-14 | 7.0% |
| BlackRock, Inc. 13G · institution +1.3 pts · filed 2026-10-27 | 6.9% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27), Rubric Capital Management LP (2.9%, 2026-02-13), VIKING GLOBAL INVESTORS LP (4.2%, 2025-11-14)
Insider purchases and sales in Q1 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2024 | 0 | — | 3 | $232.5k | — |
| Q3 2024 | 0 | — | 3 | $338.0k | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 3 | $601.1k | $549.1k |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| NEA Management Company, LLC 8.97% of their portfolio | 13.2m $157.7m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 10.2m $122.2m | Added +114.0k |
| Frazier Life Sciences Management, L.P. 3.05% of their portfolio | 9.9m $118.6m | Reduced -319.9k |
| FMR LLC 0.01% of their portfolio | 8.0m $95.9m | Added +1.5m |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 5.2m $61.9m | Added +1.8m |
| Vivo Capital, LLC 5.05% of their portfolio | 5.1m $60.8m | Unchanged |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 5.0m $59.4m | First filing |
| MARSHALL WACE, LLP 0.05% of their portfolio | 4.0m $47.3m | Reduced -614.5k |
| Rubric Capital Management LP 0.54% of their portfolio | 3.7m $44.3m | Reduced -54.4k |
| MPM BIOIMPACT LLC 3.04% of their portfolio | 3.3m $39.4m | Added +11.3k |
| VIKING GLOBAL INVESTORS LP 0.11% of their portfolio | 3.2m $38.2m | Unchanged |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 2.8m $35.6m | Reduced -237.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 2.8m $33.2m | Added +365.3k |
| STATE STREET CORP 0.00% of their portfolio | 2.7m $31.8m | Added +230.3k |
| EVENTIDE ASSET MANAGEMENT, LLC 0.52% of their portfolio | 2.6m $31.3m | Unchanged |
| ORBIMED ADVISORS LLC 0.64% of their portfolio | 2.5m $29.3m | Reduced -736.3k |
| Logos Global Management LP 1.47% of their portfolio | 2.4m $28.6m | Added +850.0k |
| Vestal Point Capital, LP 0.72% of their portfolio | 2.2m $25.8m | New |
| ACORN CAPITAL ADVISORS, LLC 7.27% of their portfolio | 2.1m $25.6m | Unchanged |
| Artia Global Partners LP 5.42% of their portfolio | 2.0m $24.0m | Unchanged |
| Affinity Asset Advisors, LLC 1.40% of their portfolio | 2.0m $23.9m | Reduced -150.0k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.24% of their portfolio | 2.0m $23.8m | Added +885.8k |
| EMERALD ADVISERS, LLC 0.69% of their portfolio | 1.8m $21.9m | Reduced -52.7k |
| Siren, L.L.C. 0.59% of their portfolio | 1.8m $21.3m | Reduced -500.0k |
| Pictet Asset Management Holding SA 0.02% of their portfolio | 1.7m $20.4m | Added +174.0k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 1.7m $20.1m | Reduced -79.0k |
| Soleus Capital Management, L.P. 0.78% of their portfolio | 1.6m $19.3m | Added +720.0k |
| Pivotal bioVenture Partners Investment Advisor LLC 6.63% of their portfolio | 1.6m $18.5m | Added +296.9k |
| Octagon Capital Advisors LP 1.96% of their portfolio | 1.5m $17.7m | Reduced -1.3m |
| EMERALD MUTUAL FUND ADVISERS TRUST 0.73% of their portfolio | 1.3m $15.1m | Reduced -9.9k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.2m $14.6m | Added +170.9k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.2m $14.5m | Added +122.1k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 1.2m $14.3m | Added +1.0m |
| NAN FUNG TRINITY (HK) LTD 1.50% of their portfolio | 1.1m $13.6m | Added +225.5k |
| FLPUTNAM INVESTMENT MANAGEMENT CO 0.19% of their portfolio | 1.1m $12.7m | Added +9.9k |
| Woodline Partners LP 0.05% of their portfolio | 1.0m $11.9m | Added +500 |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 968.6k $11.6m | First filing |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 840.6k $10.0m | Added +3.8k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 806.7k $9.6m | Added +44.7k |
| Candriam S.C.A. 0.05% of their portfolio | 773.6k $9.2m | New |
| MORGAN STANLEY 0.00% of their portfolio | 731.3k $8.7m | Reduced -319.0k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 714.6k $8.5m | First filing |
| PANAGORA ASSET MANAGEMENT INC 0.03% of their portfolio | 625.6k $7.5m | Reduced -67.4k |
| SPHERA FUNDS MANAGEMENT LTD. 1.18% of their portfolio | 574.0k $6.8m | Reduced -24.5k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 571.0k $6.8m | Added +745 |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.23% of their portfolio | 530.5k $6.3m | Added +22.8k |
| Burkehill Global Management, LP 0.31% of their portfolio | 525.0k $6.3m | Unchanged |
| SILVERARC CAPITAL MANAGEMENT, LLC 0.72% of their portfolio | 511.1k $6.1m | Reduced -30.1k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 504.8k $6.0m | Added +180.7k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 473.8k $5.7m | Added +299.2k |
| Ensign Peak Advisors, Inc 0.01% of their portfolio | 464.7k $5.5m | New |
| UBS Group AG 0.00% of their portfolio | 446.2k $5.3m | Added +171.6k |
| KVP Capital Advisors, LP 3.69% of their portfolio | 414.0k $4.9m | Unchanged |
| Jones Hill Capital LP 0.95% of their portfolio | 370.2k $4.4m | First filing |
| Invesco Ltd. 0.00% of their portfolio | 353.0k $4.2m | Reduced -145.9k |
| Opaleye Management Inc. 0.54% of their portfolio | 345.1k $4.1m | Unchanged |
| GMT Capital Corp 0.17% of their portfolio | 317.7k $3.8m | New |
| Bank of New York Mellon Corp 0.00% of their portfolio | 260.2k $3.1m | Reduced -426 |
| SUPERSTRING CAPITAL MANAGEMENT LP 2.14% of their portfolio | 251.6k $3.0m | Added +103.3k |
| J. Goldman & Co LP 0.13% of their portfolio | 237.0k $2.8m | Reduced -207.4k |
| F/m Investments LLC 0.18% of their portfolio | 231.6k $2.8m | Reduced -9.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 227.7k $2.7m | Reduced -597.9k |
| Propel Bio Management, LLC 1.67% of their portfolio | 223.8k $2.6m | New |
| Nuveen, LLC 0.00% of their portfolio | 188.2k $2.2m | Added +4.9k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 181.3k $2.2m | Added +40.0k |
| Swiss National Bank 0.00% of their portfolio | 168.2k $2.0m | Unchanged |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 154.2k $1.8m | Added +13.4k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 134.7k $1.6m | Added +14.2k |
| TRUST CO OF TOLEDO NA /OH/ 0.15% of their portfolio | 131.5k $1.6m | Added +95.0k |
| FIFTH THIRD BANCORP 0.00% of their portfolio | 128.3k $1.5m | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 109.1k $1.3m | Added +3.1k |
| Squarepoint Ops LLC 0.00% of their portfolio | 104.0k $1.2m | New |
| OPPENHEIMER & CO INC 0.01% of their portfolio | 100.0k $1.2m | Reduced -671 |
| LMR Partners LLP 0.01% of their portfolio | 100.0k $1.2m | Unchanged |
| CITIGROUP INC 0.00% of their portfolio | 99.9k $1.2m | Reduced -23.5k |
| WEXFORD CAPITAL LP 0.18% of their portfolio | 90.8k $1.1m | Added +8.7k |
| Erste Asset Management GmbH 0.01% of their portfolio | 90.0k $1.0m | Unchanged |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 84.8k $1.0m | Added +13.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 83.4k $994.9k | Reduced -397 |
| LPL Financial LLC 0.00% of their portfolio | 80.9k $964.9k | Added +27.9k |
| ExodusPoint Capital Management, LP 0.01% of their portfolio | 79.9k $952.7k | New |
| PFS Partners, LLC 0.43% of their portfolio | 79.0k $942.5k | Unchanged |
| SEI INVESTMENTS CO 0.00% of their portfolio | 78.2k $933.2k | Reduced -69.7k |
| SECTORAL ASSET MANAGEMENT INC 0.78% of their portfolio | 74.4k $939.5k | Reduced -9.8k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 70.6k $790.4k | Added +11.2k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 68.1k $812.7k | Added +8.7k |
| Simplify Asset Management Inc. 0.01% of their portfolio | 65.4k $780.4k | New |
| MAI Capital Management 0.00% of their portfolio | 65.1k $776.9k | Reduced -12.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 64.7k $772.0k | Added +14.4k |
| TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio | 64.5k $769.8k | Reduced -4.0k |
| Legal & General Group Plc 0.00% of their portfolio | 63.8k $761.4k | Reduced -17.9k |
| WealthTrust Axiom LLC 0.18% of their portfolio | 61.5k $733.7k | Unchanged |
| KENNEDY CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 61.3k $731.3k | Added +5.0k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio | 59.9k $714.2k | Added +13.2k |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 58.9k $702.7k | First filing |
| BARCLAYS PLC 0.00% of their portfolio | 53.6k $639.3k | Reduced -529.1k |
| HighVista Strategies LLC 0.18% of their portfolio | 53.5k $638.6k | Reduced -52.6k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 53.3k $635.3k | First filing |
| MetLife Investment Management, LLC 0.00% of their portfolio | 51.8k $618.1k | Added +1.6k |
| Steward Partners Investment Advisory, LLC 0.00% of their portfolio | 51.5k $614.7k | Added +7.4k |