Biohaven (NYSE:BHVN) Earns Outperform Rating from Royal Bank of Canada

Biohaven (NYSE:BHVN)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a report issued on Wednesday,Benzinga reports. They currently have a $61.00 price objective on the stock, up from their prior price objective of $58.00. Royal Bank of Canada’s price target indicates a potential upside of 40.42% from the company’s previous close.

BHVN has been the topic of several other research reports. Sanford C. Bernstein boosted their price target on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. HC Wainwright reiterated a “buy” rating and set a $59.00 target price on shares of Biohaven in a research report on Tuesday, November 26th. William Blair raised Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Jefferies Financial Group initiated coverage on shares of Biohaven in a research report on Monday, September 16th. They issued a “buy” rating and a $57.00 price objective on the stock. Finally, UBS Group cut their target price on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $63.00.

Biohaven Stock Performance

NYSE:BHVN opened at $43.44 on Wednesday. Biohaven has a 1 year low of $26.80 and a 1 year high of $62.21. The stock has a fifty day moving average price of $49.50 and a two-hundred day moving average price of $41.56. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of -4.65 and a beta of 1.24.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). On average, analysts predict that Biohaven will post -8.85 EPS for the current year.

Insiders Place Their Bets

In related news, Director Gregory Bailey acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were acquired at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the acquisition, the director now directly owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. The trade was a 0.31 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John W. Childs bought 21,052 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was bought at an average price of $47.50 per share, with a total value of $999,970.00. Following the completion of the acquisition, the director now owns 21,052 shares of the company’s stock, valued at $999,970. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. nVerses Capital LLC acquired a new stake in Biohaven during the third quarter worth about $50,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Biohaven during the 2nd quarter worth about $61,000. Values First Advisors Inc. acquired a new stake in Biohaven during the 3rd quarter worth approximately $78,000. US Bancorp DE raised its holdings in Biohaven by 57.1% in the third quarter. US Bancorp DE now owns 2,173 shares of the company’s stock valued at $109,000 after buying an additional 790 shares during the period. Finally, KBC Group NV lifted its position in Biohaven by 24.5% during the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after buying an additional 443 shares in the last quarter. 88.78% of the stock is owned by hedge funds and other institutional investors.

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.