HC Wainwright Reaffirms Buy Rating for Biohaven (NYSE:BHVN)

HC Wainwright reissued their buy rating on shares of Biohaven (NYSE:BHVN) in a research report released on Tuesday, Benzinga reports. They currently have a $59.00 target price on the stock.

Several other equities analysts also recently weighed in on the company. Sanford C. Bernstein initiated coverage on Biohaven in a research report on Wednesday, September 4th. They issued an outperform rating and a $55.00 target price for the company. Morgan Stanley initiated coverage on Biohaven in a research report on Wednesday, July 24th. They issued an overweight rating and a $58.00 target price for the company. Piper Sandler lifted their target price on Biohaven from $66.00 to $76.00 and gave the company an overweight rating in a research report on Monday. Jefferies Financial Group initiated coverage on Biohaven in a research report on Monday, September 16th. They issued a buy rating and a $57.00 target price for the company. Finally, UBS Group dropped their target price on Biohaven from $55.00 to $54.00 and set a buy rating for the company in a research report on Tuesday, August 13th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Biohaven currently has an average rating of Buy and an average price target of $60.92.

Biohaven Trading Up 4.0 %

Shares of BHVN opened at $51.18 on Tuesday. The firm has a market cap of $4.84 billion, a P/E ratio of -7.49 and a beta of 1.30. Biohaven has a 12-month low of $20.80 and a 12-month high of $62.21. The company’s 50-day moving average price is $39.23 and its 200 day moving average price is $40.78.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($3.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.72) by ($1.92). Equities research analysts forecast that Biohaven will post -8.92 earnings per share for the current year.

Insider Activity at Biohaven

In other Biohaven news, Director John W. Childs purchased 28,400 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was purchased at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the acquisition, the director now directly owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Biohaven news, Director Gregory Bailey purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was purchased at an average cost of $44.19 per share, with a total value of $220,950.00. Following the completion of the acquisition, the director now directly owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Childs purchased 28,400 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was acquired at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the acquisition, the director now directly owns 2,339,741 shares of the company’s stock, valued at $83,458,561.47. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biohaven

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Algert Global LLC lifted its stake in Biohaven by 5.9% in the second quarter. Algert Global LLC now owns 7,402 shares of the company’s stock valued at $257,000 after buying an additional 412 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Biohaven by 6.1% during the second quarter. Hsbc Holdings PLC now owns 8,291 shares of the company’s stock worth $286,000 after purchasing an additional 480 shares during the last quarter. Canton Hathaway LLC raised its stake in shares of Biohaven by 2.3% during the second quarter. Canton Hathaway LLC now owns 21,850 shares of the company’s stock worth $758,000 after purchasing an additional 500 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Biohaven by 3.7% during the second quarter. Arizona State Retirement System now owns 20,575 shares of the company’s stock worth $714,000 after purchasing an additional 730 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Biohaven by 4.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,431 shares of the company’s stock worth $605,000 after purchasing an additional 778 shares during the last quarter. Hedge funds and other institutional investors own 88.78% of the company’s stock.

About Biohaven

Biohaven Ltd., together with its subsidiaries, focuses on discovering, developing, and commercializing therapies for immunology, neuroscience, and oncology worldwide. The company's pipeline products include Troriluzole, which is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500 that blocks glutamate signaling mediated by post-synaptic NMDA receptors; Taldefgrobep Alfa, which is in Phase 3 clinical trial for the treatment of spinal muscular atrophy and obesity; BHV-7000, a candidate in Phase 2/3 clinical trials for the treatment of focal and generalized epilepsy, bipolar disorder, and major depressive disorder; BHV-2100 that is in Phase 1 clinical trials for the treatment of migraines and neuropathic pain; and BHV-8000, a product candidate in Phase 1 clinical trials for the treatment of early Alzheimer's and Parkinson's disease, sclerosis, and amyloid-related imaging abnormalities.