Royal Bank of Canada Reiterates “Outperform” Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “outperform” rating reiterated by stock analysts at Royal Bank of Canada in a report released on Wednesday, Benzinga reports. They presently have a $59.00 price target on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 59.85% from the stock’s previous close.

Several other research firms have also issued reports on BHVN. Sanford C. Bernstein began coverage on shares of Biohaven in a research report on Wednesday. They issued an “outperform” rating and a $55.00 price target on the stock. UBS Group cut their price target on Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a research report on Monday, August 19th. Morgan Stanley initiated coverage on Biohaven in a report on Wednesday, July 24th. They set an “overweight” rating and a $58.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $59.00 price objective on shares of Biohaven in a research note on Thursday, May 30th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Biohaven presently has a consensus rating of “Buy” and a consensus target price of $54.44.

Biohaven Stock Down 2.5 %

Shares of NYSE:BHVN opened at $36.91 on Wednesday. Biohaven has a twelve month low of $16.45 and a twelve month high of $62.21. The stock’s 50 day moving average is $37.77 and its 200-day moving average is $41.88. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of -5.40 and a beta of 1.30.

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

Insider Activity

In other news, Director John W. Childs purchased 28,400 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was purchased at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the purchase, the director now directly owns 2,339,741 shares in the company, valued at approximately $83,458,561.47. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Redwood Wealth Management Group LLC purchased a new position in shares of Biohaven in the second quarter worth about $61,000. Elkhorn Partners Limited Partnership purchased a new position in Biohaven in the 2nd quarter worth approximately $125,000. Quarry LP lifted its position in Biohaven by 614.3% in the second quarter. Quarry LP now owns 5,000 shares of the company’s stock valued at $174,000 after purchasing an additional 4,300 shares during the last quarter. Prevail Innovative Wealth Advisors LLC purchased a new stake in shares of Biohaven during the fourth quarter valued at approximately $230,000. Finally, Private Advisor Group LLC bought a new position in shares of Biohaven in the fourth quarter worth approximately $231,000. 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.