Bank of America Raises Biohaven (NYSE:BHVN) Price Target to $62.00

Biohaven (NYSE:BHVN) had its price target raised by Bank of America from $52.00 to $62.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a buy rating on the stock.

BHVN has been the topic of several other reports. HC Wainwright reaffirmed a buy rating and issued a $59.00 target price on shares of Biohaven in a research report on Tuesday. Jefferies Financial Group started coverage on Biohaven in a report on Monday, September 16th. They issued a buy rating and a $57.00 price objective on the stock. Robert W. Baird raised their price objective on shares of Biohaven from $58.00 to $60.00 and gave the company an outperform rating in a research report on Monday, September 23rd. Leerink Partners boosted their target price on shares of Biohaven from $55.00 to $60.00 and gave the stock an outperform rating in a research report on Monday, September 23rd. Finally, Morgan Stanley began coverage on shares of Biohaven in a report on Wednesday, July 24th. They set an overweight rating and a $58.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Buy and an average target price of $60.92.

Biohaven Stock Performance

Shares of BHVN opened at $51.00 on Tuesday. The company has a market capitalization of $4.50 billion, a PE ratio of -7.47 and a beta of 1.30. The company’s 50 day moving average price is $39.53 and its 200 day moving average price is $40.75. Biohaven has a 52 week low of $22.12 and a 52 week high of $62.21.

Biohaven (NYSE:BHVN) last posted its quarterly earnings results 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, equities analysts forecast that Biohaven will post -8.92 earnings per share for the current fiscal year.

Insider Activity at Biohaven

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BHVN. Redwood Wealth Management Group LLC acquired a new stake in Biohaven during the second quarter worth about $61,000. Elkhorn Partners Limited Partnership bought a new stake in shares of Biohaven in the 2nd quarter worth approximately $125,000. Quarry LP increased its position in shares of Biohaven by 614.3% during the second quarter. Quarry LP now owns 5,000 shares of the company’s stock valued at $174,000 after purchasing an additional 4,300 shares during the period. Prevail Innovative Wealth Advisors LLC acquired a new position in shares of Biohaven in the fourth quarter valued at $230,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Biohaven in the fourth quarter valued at $235,000. Institutional investors and hedge funds 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.