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

Biohaven (NYSE:BHVN) had its target price lowered by Royal Bank of Canada from $66.00 to $58.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

BHVN has been the topic of a number of other reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a research report on Wednesday, October 23rd. UBS Group cut their price objective on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Leerink Partners boosted their price objective on Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Finally, Robert W. Baird increased their target price on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $62.75.

Biohaven Stock Performance

Biohaven stock opened at $46.38 on Monday. Biohaven has a 52-week low of $26.80 and a 52-week high of $62.21. The firm has a 50 day moving average price of $49.53 and a two-hundred day moving average price of $41.25. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of -4.96 and a beta of 1.31.

Biohaven (NYSE:BHVN) last issued its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). As a group, equities research analysts predict that Biohaven will post -8.85 EPS for the current fiscal year.

Insider Activity at Biohaven

In other news, Director Gregory Bailey acquired 5,000 shares of the stock in a transaction dated Tuesday, September 24th. The stock was 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 in the company, valued at approximately $71,590,937.49. The trade was a 0.31 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John W. Childs acquired 21,052 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was acquired at an average price of $47.50 per share, with a total value of $999,970.00. Following the acquisition, the director now owns 21,052 shares in the company, valued at approximately $999,970. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 16.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BHVN. Algert Global LLC lifted its position in shares of Biohaven by 5.9% in the 2nd quarter. Algert Global LLC now owns 7,402 shares of the company’s stock worth $257,000 after purchasing an additional 412 shares during the period. Franklin Resources Inc. raised its stake in Biohaven by 0.5% in the third quarter. Franklin Resources Inc. now owns 79,705 shares of the company’s stock worth $4,206,000 after buying an additional 412 shares in the last quarter. KBC Group NV raised its stake in Biohaven by 24.5% in the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after buying an additional 443 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Biohaven by 6.1% in the second quarter. Hsbc Holdings PLC now owns 8,291 shares of the company’s stock worth $286,000 after buying an additional 480 shares during the period. Finally, Canton Hathaway LLC boosted its position in Biohaven by 2.3% during the 2nd quarter. Canton Hathaway LLC now owns 21,850 shares of the company’s stock valued at $758,000 after acquiring an additional 500 shares in the last quarter. 88.78% of the stock is owned by hedge funds and other institutional investors.

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.