Biohaven (NYSE:BHVN) Price Target Cut to $66.00 by Analysts at Royal Bank of Canada

Biohaven (NYSE:BHVN) had its target price trimmed by Royal Bank of Canada from $68.00 to $66.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other equities analysts also recently commented on the stock. Bank of America raised their price objective on shares of Biohaven from $52.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Piper Sandler lifted their price objective on Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Sanford C. Bernstein increased their target price on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. UBS Group decreased their price target on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $59.00 price objective on shares of Biohaven in a research note on Tuesday, September 24th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $63.42.

Biohaven Stock Down 8.8 %

Shares of BHVN opened at $44.39 on Wednesday. The stock’s 50-day moving average price is $48.16 and its 200 day moving average price is $40.92. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of -4.75 and a beta of 1.31. Biohaven has a 12-month low of $26.80 and a 12-month high of $62.21.

Biohaven (NYSE:BHVN) last issued its earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Equities research analysts expect that Biohaven will post -8.81 EPS for the current year.

Insiders Place Their Bets

In other Biohaven news, Director John W. Childs bought 21,052 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was acquired at an average cost of $47.50 per share, with a total value of $999,970.00. Following the purchase, the director now owns 21,052 shares in the company, valued at $999,970. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory Bailey purchased 5,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was bought at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the purchase, the director now owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. This represents a 0.31 % increase in their position. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Biohaven by 280.5% in the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after purchasing an additional 4,650,702 shares during the period. Darwin Global Management Ltd. acquired a new position in Biohaven during the 1st quarter worth approximately $80,776,000. Farallon Capital Management LLC grew its stake in shares of Biohaven by 181.4% during the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock worth $78,028,000 after acquiring an additional 1,449,000 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Biohaven by 745.9% in the third quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock valued at $74,969,000 after purchasing an additional 1,322,922 shares during the last quarter. Finally, Armistice Capital LLC lifted its position in shares of Biohaven by 74.8% in the second quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock worth $48,489,000 after purchasing an additional 597,705 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

Biohaven Company Profile

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.