Cantor Fitzgerald Reiterates “Overweight” Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “overweight” rating restated by equities researchers at Cantor Fitzgerald in a research report issued on Friday, Benzinga reports.

Several other research firms have also recently issued reports on BHVN. William Blair raised Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Jefferies Financial Group initiated coverage on Biohaven in a research report on Monday, September 16th. They set a “buy” rating and a $57.00 price objective on the stock. Piper Sandler lifted their price objective on Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Bank of America lifted their price objective on Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, Morgan Stanley initiated coverage on Biohaven in a research report on Wednesday, July 24th. They set an “overweight” rating and a $58.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $61.92.

Biohaven Price Performance

NYSE BHVN opened at $47.01 on Friday. The stock has a market capitalization of $4.15 billion, a PE ratio of -6.80 and a beta of 1.30. Biohaven has a 1 year low of $22.38 and a 1 year high of $62.21. The business’s 50-day moving average is $40.34 and its 200 day moving average is $40.49.

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

Insider Buying and Selling

In other news, Director Gregory Bailey acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was bought at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the acquisition, the director now directly owns 1,620,071 shares in the company, valued at $71,590,937.49. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Gregory Bailey acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was bought at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the acquisition, the director now directly owns 1,620,071 shares in the company, valued at $71,590,937.49. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John W. Childs acquired 21,052 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average price of $47.50 per share, with a total value of $999,970.00. Following the completion of the acquisition, the director now owns 21,052 shares in the company, valued at $999,970. The disclosure for this purchase can be found here. Insiders bought a total of 54,452 shares of company stock worth $2,233,948 in the last three months. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after buying an additional 4,650,702 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Biohaven by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock valued at $183,050,000 after acquiring an additional 212,699 shares during the period. Point72 Asset Management L.P. grew its position in shares of Biohaven by 142.2% during the 4th quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock valued at $106,297,000 after acquiring an additional 1,458,072 shares during the period. Farallon Capital Management LLC grew its position in shares of Biohaven by 181.4% during the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock valued at $78,028,000 after acquiring an additional 1,449,000 shares during the period. Finally, Perceptive Advisors LLC grew its position in shares of Biohaven by 129.4% during the 4th quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock valued at $73,832,000 after acquiring an additional 973,227 shares during the period. 88.78% of the stock is currently owned by hedge funds and other 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.