Royal Bank of Canada Reiterates “Outperform” Rating for Biohaven (NYSE:BHVN)

Royal Bank of Canada reaffirmed their outperform rating on shares of Biohaven (NYSE:BHVN) in a research note published on Tuesday,Benzinga reports. They currently have a $61.00 price target on the stock.

Other equities analysts have also recently issued research reports about the company. HC Wainwright restated a “buy” rating and issued a $59.00 price target on shares of Biohaven in a report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Biohaven in a research note on Tuesday, February 11th. They issued a “buy” rating and a $65.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Finally, TD Cowen boosted their price objective on shares of Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $62.77.

Biohaven Trading Down 2.0 %

NYSE:BHVN opened at $31.40 on Tuesday. The firm’s fifty day simple moving average is $38.16 and its 200 day simple moving average is $42.71. Biohaven has a twelve month low of $26.80 and a twelve month high of $62.21. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -3.36 and a beta of 1.27.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). On average, analysts predict that Biohaven will post -8.9 earnings per share for the current year.

Insider Activity at Biohaven

In other news, Director John W. Childs acquired 29,000 shares of Biohaven stock in a transaction that occurred on Monday, December 30th. The shares were purchased at an average cost of $35.94 per share, for a total transaction of $1,042,260.00. Following the completion of the purchase, the director now directly owns 2,368,741 shares of the company’s stock, valued at $85,132,551.54. This trade represents a 1.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 16.00% of the stock is owned by corporate insiders.

Institutional Trading of Biohaven

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Biohaven by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 8,414,120 shares of the company’s stock valued at $314,267,000 after buying an additional 628,211 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Biohaven by 12.1% in the fourth quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock valued at $260,735,000 after acquiring an additional 756,032 shares during the period. Stifel Financial Corp boosted its stake in Biohaven by 0.8% in the fourth quarter. Stifel Financial Corp now owns 6,559,313 shares of the company’s stock valued at $244,990,000 after acquiring an additional 50,052 shares during the period. Suvretta Capital Management LLC grew its holdings in shares of Biohaven by 8.1% during the fourth quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company’s stock valued at $209,917,000 after purchasing an additional 421,052 shares during the last quarter. Finally, Farallon Capital Management LLC raised its position in shares of Biohaven by 21.6% during the 4th quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock worth $165,392,000 after purchasing an additional 785,578 shares during the period. 88.78% of the stock is 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.