Biohaven (NYSE:BHVN) Price Target Raised to $68.00

Biohaven (NYSE:BHVN) had its price objective hoisted by stock analysts at Royal Bank of Canada from $59.00 to $68.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 38.16% from the company’s current price.

Several other analysts have also commented on BHVN. Morgan Stanley initiated coverage on shares of Biohaven in a research report on Wednesday, July 24th. They issued an “overweight” rating and a $58.00 price target on the stock. Piper Sandler increased their target price on Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a report on Monday. Sanford C. Bernstein initiated coverage on Biohaven in a research report on Wednesday, September 4th. They set an “outperform” rating and a $55.00 price target for the company. Jefferies Financial Group initiated coverage on Biohaven in a research report on Monday, September 16th. They issued a “buy” rating and a $57.00 price objective on the stock. Finally, Robert W. Baird lifted their price objective on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Biohaven has a consensus rating of “Buy” and an average target price of $60.92.

Biohaven Stock Performance

BHVN opened at $49.22 on Tuesday. The company has a market cap of $4.65 billion, a price-to-earnings ratio of -7.21 and a beta of 1.30. Biohaven has a one year low of $17.17 and a one year high of $62.21. The business’s fifty day moving average is $38.90 and its two-hundred day moving average is $40.71.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($3.64) EPS for the quarter, missing the consensus estimate of ($1.72) by ($1.92). On average, analysts predict that Biohaven will post -8.92 EPS for the current fiscal year.

Insider Buying and Selling at Biohaven

In related news, Director John W. Childs acquired 28,400 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were acquired at an average cost of $35.67 per share, for a total transaction of $1,013,028.00. Following the acquisition, the director now directly owns 2,339,741 shares in the company, valued at approximately $83,458,561.47. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Gregory Bailey acquired 5,000 shares of the stock in a transaction dated Tuesday, September 24th. The stock was bought at an average cost of $44.19 per share, with a total value of $220,950.00. Following the purchase, the director now directly owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John W. Childs acquired 28,400 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were purchased at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the acquisition, the director now owns 2,339,741 shares in the company, valued at $83,458,561.47. The disclosure for this purchase can be found here. 16.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Biohaven

Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of Biohaven by 47.6% in the 4th quarter. Principal Financial Group Inc. now owns 27,935 shares of the company’s stock worth $1,196,000 after purchasing an additional 9,005 shares during the period. TD Asset Management Inc increased its position in Biohaven by 31.0% during the 4th quarter. TD Asset Management Inc now owns 276,172 shares of the company’s stock worth $11,820,000 after purchasing an additional 65,426 shares in the last quarter. Stifel Financial Corp increased its position in Biohaven by 7.9% during the 4th quarter. Stifel Financial Corp now owns 6,225,811 shares of the company’s stock worth $266,465,000 after purchasing an additional 456,062 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in Biohaven in the fourth quarter valued at approximately $235,000. Finally, Prevail Innovative Wealth Advisors LLC acquired a new position in Biohaven during the fourth quarter valued at approximately $230,000. Hedge funds and other 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.