Royal Bank of Canada Cuts Biohaven (NYSE:BHVN) Price Target to $58.00

Biohaven (NYSE:BHVN) had its price target reduced by Royal Bank of Canada from $66.00 to $58.00 in a research note released on Monday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts have also recently weighed in on BHVN. HC Wainwright reissued a “buy” rating and set a $59.00 price target on shares of Biohaven in a research report on Thursday, November 14th. JPMorgan Chase & Co. lifted their target price on Biohaven from $55.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, October 3rd. William Blair upgraded Biohaven to a “strong-buy” rating in a report on Friday, August 30th. UBS Group dropped their price target on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, Jefferies Financial Group started coverage on Biohaven in a research report on Monday, September 16th. They issued a “buy” rating and a $57.00 price objective for the company. Thirteen 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 company has an average rating of “Buy” and an average target price of $62.75.

Biohaven Stock Performance

Shares of Biohaven stock opened at $46.38 on Monday. The firm has a fifty day moving average of $49.39 and a two-hundred day moving average of $41.21. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of -5.06 and a beta of 1.31. Biohaven has a 52 week low of $26.80 and a 52 week high of $62.21.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). As a group, research analysts forecast that Biohaven will post -8.85 EPS for the current fiscal year.

Insider Transactions at Biohaven

In other news, Director John W. Childs bought 21,052 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were acquired at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the acquisition, the director now owns 21,052 shares in the company, valued at approximately $999,970. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gregory Bailey purchased 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 purchase, the director now owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. The trade was a 0.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Biohaven by 280.5% during the first 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 during the period. Farallon Capital Management LLC lifted its position in shares of Biohaven by 181.4% in the second quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock valued at $78,028,000 after buying an additional 1,449,000 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Biohaven by 745.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock worth $74,969,000 after acquiring an additional 1,322,922 shares during the period. Armistice Capital LLC boosted its stake in shares of Biohaven by 74.8% during the 2nd quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock worth $48,489,000 after acquiring an additional 597,705 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Biohaven by 563.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 508,622 shares of the company’s stock worth $25,416,000 after acquiring an additional 431,954 shares during the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.