We are transferring the coverage of Trevi Therapeutics (TRVI), reiterating our Buy rating, with a new PT of $8 (up from $7). Investment . Haduvio has shown early but potent antitussive effects in idiopathic pulmonary fibrosis (IPF). We believe Haduvio is likely to show similar cough benefit at the 2H24 proof-of-concept update in refractory chronic cough (RCC). A positive update in RCC, a large indication, is likely to drive upward momentum in shares vs current levels. Next, while Haduvio falls in the opioid class, its differentiated molecular profile likely limits its human abuse potential (HAP). To that end, favorable data from Haduvio’s HAP study (expected 2H24) could help address any class related overhang. Taken together, the profile of upcoming catalysts appear positively skewed.