Piper Sandler Increases Biohaven (NYSE:BHVN) Price Target to $76.00

Biohaven (NYSE:BHVN) had its target price raised by Piper Sandler from $66.00 to $76.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 63.23% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Sanford C. Bernstein assumed coverage on shares of Biohaven in a report on Wednesday, September 4th. They issued an “outperform” rating and a $55.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $59.00 price target on shares of Biohaven in a report on Thursday, May 30th. William Blair raised Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $59.00 price objective on shares of Biohaven in a research note on Wednesday, September 4th. Finally, UBS Group dropped their price objective on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $58.90.

Biohaven Price Performance

Biohaven stock traded up $6.17 during midday trading on Monday, hitting $46.56. 4,766,045 shares of the company were exchanged, compared to its average volume of 1,167,707. Biohaven has a fifty-two week low of $16.48 and a fifty-two week high of $62.21. The company’s fifty day moving average price is $38.35 and its 200-day moving average price is $40.83. The company has a market cap of $4.11 billion, a PE ratio of -6.64 and a beta of 1.30.

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

Insider Transactions at Biohaven

In related news, Director John W. Childs acquired 28,400 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were bought at an average price of $35.67 per share, for a total transaction of $1,013,028.00. Following the acquisition, the director now 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. 16.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BHVN. Perceptive Advisors LLC boosted its stake in Biohaven by 129.4% during the 4th quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock worth $73,832,000 after acquiring an additional 973,227 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock worth $345,031,000 after acquiring an additional 4,650,702 shares in the last quarter. CWM LLC raised its holdings in shares of Biohaven by 1,893.4% in the second quarter. CWM LLC now owns 14,552 shares of the company’s stock valued at $505,000 after purchasing an additional 13,822 shares during the last quarter. Oak Ridge Investments LLC lifted its position in shares of Biohaven by 197.6% in the second quarter. Oak Ridge Investments LLC now owns 22,000 shares of the company’s stock worth $764,000 after purchasing an additional 14,607 shares in the last quarter. Finally, Bellevue Group AG boosted its holdings in Biohaven by 7.0% during the first quarter. Bellevue Group AG now owns 1,150,000 shares of the company’s stock worth $62,894,000 after purchasing an additional 75,000 shares during the last quarter. 88.78% of the stock is 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.