Biohaven’s (BHVN) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Biohaven (NYSE:BHVN) in a research note published on Tuesday morning, Benzinga reports. The firm currently has a $59.00 price target on the stock.

Several other equities research analysts also recently commented on the stock. Leerink Partners upped their price target on shares of Biohaven from $55.00 to $60.00 and gave the company an outperform rating in a research report on Monday. UBS Group decreased their target price on Biohaven from $55.00 to $54.00 and set a buy rating for the company in a research report on Tuesday, August 13th. William Blair upgraded Biohaven to a strong-buy rating in a report on Friday, August 30th. Piper Sandler increased their price objective on Biohaven from $66.00 to $76.00 and gave the stock an overweight rating in a research note on Monday. Finally, Morgan Stanley started coverage on Biohaven in a research note on Wednesday, July 24th. They set an overweight rating and a $58.00 target price on the stock. Thirteen investment 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, the company currently has a consensus rating of Buy and an average price target of $60.92.

Biohaven Stock Down 1.9 %

Shares of NYSE BHVN opened at $45.06 on Tuesday. The stock’s fifty day simple moving average is $38.65 and its 200 day simple moving average is $40.65. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of -6.60 and a beta of 1.30. Biohaven has a 52-week low of $16.48 and a 52-week high of $62.21.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data 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). As a group, analysts anticipate that Biohaven will post -8.92 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Clearbridge Investments LLC boosted its position in Biohaven by 16.9% during the second 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 during the period. Quarry LP boosted its holdings in shares of Biohaven by 614.3% during the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $174,000 after buying an additional 4,300 shares during the period. Algert Global LLC boosted its holdings in shares of Biohaven by 5.9% during the 2nd 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 grew its stake in Biohaven by 12.3% in 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 during the last quarter. Finally, AQR Capital Management LLC raised 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 during the period. 88.78% of the stock is owned by institutional investors.

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.