TD Cowen Issues Positive Forecast for Biohaven (NYSE:BHVN) Stock Price

Biohaven (NYSE:BHVN) had its target price raised by TD Cowen from $55.00 to $75.00 in a research report sent to investors on Wednesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on the stock. Robert W. Baird increased their target price on shares of Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. William Blair upgraded Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. 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. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. Finally, Leerink Partners increased their price objective on shares of Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $63.42.

Biohaven Stock Down 8.8 %

Shares of BHVN stock opened at $44.39 on Wednesday. The stock has a market cap of $4.49 billion, a PE ratio of -4.75 and a beta of 1.31. Biohaven has a 52-week low of $26.80 and a 52-week high of $62.21. The business has a 50-day simple moving average of $48.16 and a 200-day simple moving average of $40.92.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Sell-side analysts anticipate that Biohaven will post -8.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gregory Bailey purchased 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The shares were purchased at an average price of $44.19 per share, with a total value of $220,950.00. Following the transaction, the director now owns 1,620,071 shares in the company, valued at $71,590,937.49. This represents a 0.31 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John W. Childs acquired 21,052 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 21,052 shares of the company’s stock, valued at $999,970. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

A number of hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its position in Biohaven by 2.6% in the third quarter. Geode Capital Management LLC now owns 1,714,612 shares of the company’s stock valued at $85,696,000 after buying an additional 44,174 shares during the last quarter. Barclays PLC raised its stake in shares of Biohaven by 87.6% in the 3rd quarter. Barclays PLC now owns 268,077 shares of the company’s stock valued at $13,396,000 after acquiring an additional 125,189 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of Biohaven in the 3rd quarter worth approximately $1,339,000. XTX Topco Ltd boosted its position in shares of Biohaven by 278.5% during the 3rd quarter. XTX Topco Ltd now owns 32,510 shares of the company’s stock worth $1,625,000 after purchasing an additional 23,921 shares during the period. Finally, Wellington Management Group LLP lifted its stake in Biohaven by 600.9% during the third quarter. Wellington Management Group LLP now owns 243,167 shares of the company’s stock worth $12,151,000 after purchasing an additional 208,472 shares in the last quarter. 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.