Biohaven (NYSE:BHVN) Given New $68.00 Price Target at JPMorgan Chase & Co.

Biohaven (NYSE:BHVN) had its target price lowered by JPMorgan Chase & Co. from $72.00 to $68.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts have also commented on BHVN. Deutsche Bank Aktiengesellschaft started coverage on shares of Biohaven in a research report on Tuesday, February 11th. They set a “buy” rating and a $65.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research report on Tuesday, December 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price objective on shares of Biohaven in a report on Tuesday. TD Cowen increased their price objective on shares of Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $54.00 price objective on shares of Biohaven in a report on Tuesday. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Biohaven has an average rating of “Buy” and an average target price of $62.77.

Biohaven Price Performance

NYSE:BHVN opened at $30.98 on Wednesday. The firm has a market capitalization of $3.13 billion, a P/E ratio of -3.31 and a beta of 1.27. Biohaven has a 1-year low of $26.80 and a 1-year high of $62.21. The company’s fifty day moving average price is $38.07 and its 200-day moving average price is $42.66.

Biohaven (NYSE:BHVN) last released its quarterly earnings results on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($1.56) by ($0.29). Equities analysts anticipate that Biohaven will post -8.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John W. Childs bought 32,700 shares of Biohaven stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $30.47 per share, with a total value of $996,369.00. Following the completion of the purchase, the director now directly owns 2,320,571 shares of the company’s stock, valued at approximately $70,707,798.37. This trade represents a 1.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 16.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Biohaven

A number of institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC increased its position in shares of Biohaven by 6.1% during the fourth quarter. HighTower Advisors LLC now owns 5,870 shares of the company’s stock valued at $219,000 after acquiring an additional 335 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Biohaven by 0.5% during the third quarter. Franklin Resources Inc. now owns 79,705 shares of the company’s stock valued at $4,206,000 after acquiring an additional 412 shares during the last quarter. KBC Group NV grew its holdings in shares of Biohaven by 24.5% in the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after purchasing an additional 443 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in shares of Biohaven by 19.1% in the third quarter. Venturi Wealth Management LLC now owns 3,117 shares of the company’s stock valued at $156,000 after purchasing an additional 500 shares in the last quarter. Finally, FSC Wealth Advisors LLC grew its holdings in shares of Biohaven by 3.3% in the fourth quarter. FSC Wealth Advisors LLC now owns 15,500 shares of the company’s stock valued at $579,000 after purchasing an additional 500 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.