Biohaven (NYSE:BHVN) PT Raised to $68.00

Biohaven (NYSE:BHVN) had its price target boosted by equities research analysts at Royal Bank of Canada from $59.00 to $68.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 48.05% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Morgan Stanley started coverage on shares of Biohaven in a research report on Wednesday, July 24th. They issued an “overweight” rating and a $58.00 price target for the company. William Blair upgraded Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Jefferies Financial Group started coverage on Biohaven in a research report on Monday, September 16th. They issued a “buy” rating and a $57.00 price target on the stock. Robert W. Baird increased their price objective on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Sanford C. Bernstein started coverage on shares of Biohaven in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $55.00 target price on the stock. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $59.82.

Biohaven Trading Up 13.7 %

BHVN opened at $45.93 on Tuesday. The stock’s 50 day simple moving average is $38.50 and its 200-day simple moving average is $40.74. The stock has a market cap of $4.06 billion, a PE ratio of -6.72 and a beta of 1.30. Biohaven has a 1 year low of $16.48 and a 1 year high of $62.21.

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

Insider Activity at Biohaven

In related news, Director John W. Childs acquired 28,400 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were purchased at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the acquisition, the director now directly owns 2,339,741 shares in the company, valued at $83,458,561.47. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 16.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Redwood Wealth Management Group LLC bought a new stake in shares of Biohaven during the second quarter worth $61,000. Elkhorn Partners Limited Partnership acquired a new stake in Biohaven in the second quarter worth about $125,000. Quarry LP raised its holdings in Biohaven by 614.3% during the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $174,000 after purchasing an additional 4,300 shares during the last quarter. Prevail Innovative Wealth Advisors LLC acquired a new position in Biohaven during the 4th quarter valued at about $230,000. Finally, Capstone Investment Advisors LLC bought a new position in shares of Biohaven in the 4th quarter valued at about $235,000. Institutional investors and hedge funds own 88.78% of the company’s stock.

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.