Stock price jump
On January 28, Trevena (TRVN) closed at $1.19, which is 119.96% higher than its previous closing price. This spike was in response to the company’s press release that announced the FDA’s positive response from its official Type A meeting minutes. This meeting was conducted to discuss items in the complete response letter (or CRL) received for the company’s new drug application (or NDA) for its investigational pain drug, Oliceridine.
According to the press release, the suggestions of the FDA will enable Trevena to resubmit the Oliceridine NDA. According to the company’s investor presentation, Trevena had $70 million of cash at the end of the third quarter of 2018 and is capable of funding its operations until the second quarter of 2020.
Trevena has a current market capitalization of $96.57 million, which makes it a microcap. These stocks have market capitalizations between approximately $50 million and $300 million and carry a higher risk than the average market or large-cap stocks.
Share price returns
Based on its closing price on January 28, the company has reported returns of 117.47% in the last week, 196.68% in the last month, and 45.12% in the last quarter. Trevena reported returns of -18.49% in the last half year, -33.15% in the last year, and 176.74% YTD.
Analysts’ recommendations and target price for Trevena
The 12-month consensus analyst recommendation for Trevena on January 29 is a “buy.” The 12-month consensus target price for the company is $2.38, which is 100.0% higher than the company’s current trading price of $1.19.
Out of the two analysts covering Trevena on January 29, one analyst has rated the company as a “buy,” and the other analyst has rated the company as a “hold.”