TRVN Stock Price: Trevena Inc shares take a dive after common stock offering
- The TRVN stock price has fallen 17% after the company floated more shares on Wednesday.
- There are some good support levels around and the bulls will be watching them closely.
TRVN stock forecast
Shares in Trevena NASDAQ:TRVN have taken a sharp fall after the company announced underwritten public offering of 21,739,131 shares of its common stock at a public offering price of $2.30 per share. This was despite the stock trading at USD 2.72 per share at the close on Tuesday. The price of TRVN stock pushed after higher the FDA approved OLINVYK in adults for the management of acute pain severe enough to require an intravenous opioid analgesic. In essence, Olinvyk is an opioid pain medicine delivered intravenously in hospital and health care settings that were designed to produce a rapid onset of action within two to five minutes. The drug is also said to have fewer side affects than traditional opioids, which is a huge plus. Now the news that more shares have been issued pushed the Trevena Inc price down.
Looking a the chart, the main resistance the bulls need to overcome is at the high of USD 3.63 per share. There is some deccent support under the current price level at the psychological USD 2.00 area and then at the black trendline. Beyond that USD 1.71 was also an area that the price bounced a couple of times, so the bulls may step in there.
Trevena stock forecast upgrade
TRVN stock was also upgraded recently by HC Wainwright raised their price target on the stock from USD 4.00 to USD 5.00 per share. The stock had previously closed at USD 2.69, but opened at USD 3.13. HC Wainwright has a buy rating on the stock and sound very bullish. Trevena shares last traded at USD 2.28, with a volume of 15,808,427 shares. The volume over the last couple of weeks has been the highest it has ever been since the companies IPO.
Author
FXStreet Team
FXStreet
