- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.