Trevena downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Douglas Tsao downgraded Trevena (TRVN) to Neutral from Buy with an unchanged price target of $5. Following the announcement of reducing Olinvyk’s commercial support to preserve capital and reducing its workforce for cost-cutting since year-end 2023, the company recently terminated most of its employees as Trevena continues to review strategic alternatives, including the sale, license, or divestiture of Olinvyk and TRV045, the analyst noted. TRV045 should be an interesting asset for potential acquirers, but the firm’s view of the company’s financial position does not allow it to move any programs forward meaningfully, the analyst tells investors.