Trevi Therapeutics (TRVI) is drawing attention after announcing upcoming oral and poster presentations at the American Thoracic Society 2026 International Conference, which will focus on new clinical data for its investigational chronic cough treatment.

The latest share price of US$13.87 sits alongside a 30 day share price return of 16.16% and a 90 day gain of 26.55%. The 1 year total shareholder return of 98.43% and 3 year total shareholder return of over 3x hint at how clinical updates and the proposed increase in authorized shares are feeding into shifting expectations around both upside and risk.

If Trevi’s recent moves around chronic cough treatments have your attention, it can be useful to scan other health focused names using our dedicated screener for 33 healthcare AI stocks

With the share price at US$13.87, a market cap of about US$1.9b, and a published analyst target of US$21.91, investors now face the key question: Is Trevi still mispriced, or is the current valuation already factoring in future growth?

Most Popular Narrative: 36% Undervalued

With Trevi Therapeutics trading at $13.87 against a narrative fair value of $21.64, the widely followed view sees a sizeable gap between price and potential, grounded in Haduvio centered chronic cough programs.

Growing recognition of chronic cough in idiopathic pulmonary fibrosis and other interstitial lung diseases as a distinct, undertreated symptom area with no FDA approved therapies, alongside approximately 150,000 IPF patients and an estimated 228,000 non IPF ILD patients where a material subset have uncontrolled cough, positions Haduvio in a therapy class that could directly influence future revenue potential if clinical programs succeed.

Curious what justifies paying up for a company with no current revenue and ongoing losses? The narrative leans heavily on multi indication chronic cough projections, improving margins and a future earnings multiple that is far above typical pharma names. The full breakdown shows exactly how those moving parts combine into that fair value call.

Result: Fair Value of $21.64 (UNDERVALUED)

However, this depends on Haduvio delivering in late stage trials and on Trevi managing future funding needs without heavier than expected dilution.

Next Steps

If this bullish narrative feels compelling, promptly evaluate it against the underlying risks and data so you can form your own stance with 3 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.