Cantor Fitzgerald Reaffirms “Overweight” Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “overweight” rating reissued by stock analysts at Cantor Fitzgerald in a research note issued to investors on Wednesday, Benzinga reports.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley initiated coverage on Biohaven in a research report on Wednesday, July 24th. They set an “overweight” rating and a $58.00 target price on the stock. 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. Jefferies Financial Group assumed coverage on Biohaven in a research report on Monday, September 16th. They set a “buy” rating and a $57.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $59.00 price target on shares of Biohaven in a research report on Tuesday, September 24th. Finally, Bank of America raised their price target on Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $61.92.

Biohaven Stock Performance

BHVN traded down $0.68 during midday trading on Wednesday, reaching $51.97. 202,797 shares of the company were exchanged, compared to its average volume of 1,168,930. The company’s fifty day moving average price is $44.04 and its 200 day moving average price is $40.01. The company has a market cap of $4.59 billion, a price-to-earnings ratio of -7.61 and a beta of 1.31. Biohaven has a one year low of $25.97 and a one year high of $62.21.

Biohaven (NYSE:BHVN) last released its earnings results on Thursday, August 8th. The company reported ($3.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.72) by ($1.92). As a group, sell-side analysts anticipate that Biohaven will post -8.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Biohaven

In other news, Director John W. Childs acquired 21,052 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were acquired at an average cost of $47.50 per share, with a total value of $999,970.00. Following the transaction, the director now owns 21,052 shares in the company, valued at $999,970. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director John W. Childs purchased 21,052 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were purchased at an average cost of $47.50 per share, with a total value of $999,970.00. Following the transaction, the director now directly owns 21,052 shares in the company, valued at $999,970. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory Bailey purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was bought at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the transaction, the director now owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

A number of hedge funds have recently added to or reduced their stakes in BHVN. Vanguard Group Inc. increased its stake in shares of Biohaven by 280.5% in the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock worth $345,031,000 after purchasing an additional 4,650,702 shares in the last quarter. Darwin Global Management Ltd. bought a new position in Biohaven in the 1st quarter worth $80,776,000. Farallon Capital Management LLC boosted its holdings in Biohaven by 181.4% in the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock worth $78,028,000 after buying an additional 1,449,000 shares during the period. Armistice Capital LLC boosted its holdings in Biohaven by 74.8% in the 2nd quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock worth $48,489,000 after buying an additional 597,705 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Biohaven by 166.8% in the 2nd quarter. American Century Companies Inc. now owns 511,237 shares of the company’s stock worth $17,745,000 after buying an additional 319,634 shares during the period. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

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.