Biohaven (NYSE:BHVN) PT Raised to $60.00

Biohaven (NYSE:BHVN) had its price target raised by equities researchers at Leerink Partners from $55.00 to $60.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Leerink Partners’ target price indicates a potential upside of 30.63% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $59.00 price objective on shares of Biohaven in a research report on Wednesday, September 4th. Morgan Stanley started coverage on Biohaven in a report on Wednesday, July 24th. They set an “overweight” rating and a $58.00 price target for the company. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research note on Monday, August 19th. Finally, Sanford C. Bernstein started coverage on shares of Biohaven in a report on Wednesday, September 4th. They issued an “outperform” rating and a $55.00 target price for the company. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $59.00.

Biohaven Stock Performance

Shares of BHVN traded up $5.54 on Monday, reaching $45.93. The stock had a trading volume of 6,249,282 shares, compared to its average volume of 1,175,811. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of -6.72 and a beta of 1.30. The company has a 50-day simple moving average of $38.35 and a 200-day simple moving average of $40.83. Biohaven has a 12-month low of $16.48 and a 12-month high of $62.21.

Biohaven (NYSE:BHVN) last announced its earnings results on Thursday, August 8th. The company reported ($3.64) EPS for the quarter, missing analysts’ consensus estimates of ($1.72) by ($1.92). On average, analysts expect that Biohaven will post -8.92 EPS for the current fiscal year.

Insider Buying and Selling at Biohaven

In other news, Director John W. Childs bought 28,400 shares of the stock in a transaction on Thursday, July 18th. The shares were bought at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the acquisition, the director now owns 2,339,741 shares in the company, valued at $83,458,561.47. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Clearbridge Investments LLC increased its stake in shares of Biohaven by 16.9% in the 2nd quarter. Clearbridge Investments LLC now owns 479,369 shares of the company’s stock worth $16,639,000 after purchasing an additional 69,180 shares in the last quarter. Quarry LP increased its position in Biohaven by 614.3% in the second quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $174,000 after buying an additional 4,300 shares in the last quarter. Algert Global LLC raised its stake in shares of Biohaven by 5.9% in the second quarter. Algert Global LLC now owns 7,402 shares of the company’s stock worth $257,000 after buying an additional 412 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Biohaven by 12.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 183,772 shares of the company’s stock valued at $6,379,000 after buying an additional 20,154 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Biohaven by 234.3% in the 2nd quarter. AQR Capital Management LLC now owns 54,361 shares of the company’s stock worth $1,887,000 after acquiring an additional 38,101 shares in 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.