Biohaven (NYSE:BHVN) Given New $66.00 Price Target at Royal Bank of Canada

Biohaven (NYSE:BHVN) had its price target cut by research analysts at Royal Bank of Canada from $68.00 to $66.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 37.33% from the stock’s previous close.

Several other research firms have also recently commented on BHVN. HC Wainwright reaffirmed a “buy” rating and issued a $59.00 price target on shares of Biohaven in a report on Tuesday, September 24th. 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 note on Tuesday, September 24th. JPMorgan Chase & Co. lifted their target price on Biohaven from $55.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, October 3rd. UBS Group cut their target price 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, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $63.42.

Biohaven Price Performance

Shares of Biohaven stock traded down $0.60 on Wednesday, reaching $48.06. The company had a trading volume of 37,390 shares, compared to its average volume of 1,132,291. The firm’s 50-day moving average price is $48.01 and its two-hundred day moving average price is $40.87. Biohaven has a 1 year low of $26.80 and a 1 year high of $62.21.

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

Insider Transactions at Biohaven

In other Biohaven news, Director Gregory Bailey acquired 5,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was acquired at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the purchase, the director now directly owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. This trade represents a 0.31 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John W. Childs bought 21,052 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was purchased 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 trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of BHVN. Bamco Inc. NY grew its stake in shares of Biohaven by 28.6% in the 3rd quarter. Bamco Inc. NY now owns 45,000 shares of the company’s stock worth $2,249,000 after acquiring an additional 10,000 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in Biohaven during the third quarter valued at about $2,616,000. Fred Alger Management LLC lifted its holdings in Biohaven by 44.3% during the third quarter. Fred Alger Management LLC now owns 58,142 shares of the company’s stock valued at $2,905,000 after purchasing an additional 17,848 shares during the last quarter. Captrust Financial Advisors purchased a new stake in shares of Biohaven in the third quarter worth about $293,000. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Biohaven in the third quarter worth about $250,000. 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.