Royal Bank of Canada Cuts Biohaven (NYSE:BHVN) Price Target to $58.00

Biohaven (NYSE:BHVN) had its price target cut by Royal Bank of Canada from $66.00 to $58.00 in a research report released on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts also recently issued reports on the stock. William Blair raised shares of Biohaven to a “strong-buy” rating in a report on Friday, August 30th. Leerink Partners boosted their price target on Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Piper Sandler raised their price objective on Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Jefferies Financial Group assumed coverage on Biohaven in a research report on Monday, September 16th. They set a “buy” rating and a $57.00 target price for the company. Finally, Sanford C. Bernstein raised their price target on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Biohaven currently has a consensus rating of “Buy” and an average price target of $62.75.

Biohaven Trading Down 1.9 %

Shares of NYSE BHVN opened at $46.38 on Monday. The firm has a market cap of $4.69 billion, a P/E ratio of -5.06 and a beta of 1.31. The business’s 50 day moving average is $49.39 and its 200-day moving average is $41.21. Biohaven has a 1-year low of $26.80 and a 1-year high of $62.21.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Analysts forecast that Biohaven will post -8.85 EPS for the current year.

Insider Activity at Biohaven

In other news, Director Gregory Bailey purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were purchased at an average cost of $44.19 per share, with a total value of $220,950.00. Following the completion of the purchase, the director now owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. This trade represents a 0.31 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director John W. Childs acquired 21,052 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was purchased at an average cost of $47.50 per share, with a total value of $999,970.00. Following the purchase, the director now directly owns 21,052 shares of the company’s stock, valued at $999,970. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Biohaven

Several large investors have recently modified their holdings of the business. nVerses Capital LLC acquired a new stake in shares of Biohaven in the third quarter valued at about $50,000. Values First Advisors Inc. acquired a new stake in Biohaven during the 3rd quarter valued at approximately $78,000. Redwood Wealth Management Group LLC bought a new position in Biohaven during the 2nd quarter worth approximately $61,000. US Bancorp DE raised its holdings in Biohaven by 57.1% during the 3rd quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after purchasing an additional 790 shares during the last quarter. Finally, KBC Group NV lifted its position in shares of Biohaven by 24.5% in the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after purchasing an additional 443 shares during the period. 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.