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

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

A number of other research firms also recently commented on BHVN. Robert W. Baird boosted their target price on shares of Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Leerink Partners raised their price objective on Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Piper Sandler lifted their target price on shares of Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Sanford C. Bernstein boosted their price target on Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Finally, HC Wainwright reiterated a “buy” rating and issued a $59.00 price objective on shares of Biohaven in a report on Thursday, November 14th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Biohaven has a consensus rating of “Buy” and a consensus target price of $62.75.

Biohaven Stock Down 1.9 %

Shares of NYSE:BHVN opened at $46.38 on Monday. The company has a market cap of $4.69 billion, a PE ratio of -4.96 and a beta of 1.31. The firm has a 50-day simple moving average of $49.53 and a 200 day simple moving average of $41.25. Biohaven has a fifty-two week low of $26.80 and a fifty-two week high of $62.21.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate 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 Activity at Biohaven

In other news, Director Gregory Bailey purchased 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was purchased at an average cost of $44.19 per share, with a total value of $220,950.00. Following the acquisition, the director now directly owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. This trade represents a 0.31 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John W. Childs purchased 21,052 shares of Biohaven stock in a transaction that occurred on Wednesday, October 2nd. The shares were bought at an average price of $47.50 per share, for a total transaction of $999,970.00. Following the transaction, the director now owns 21,052 shares in the company, valued at $999,970. This 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 corporate insiders.

Institutional Investors Weigh In On Biohaven

A number of institutional investors and hedge funds have recently made changes to their positions in BHVN. Vanguard Group Inc. increased its stake in Biohaven by 280.5% in the first quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after purchasing an additional 4,650,702 shares in the last quarter. Farallon Capital Management LLC boosted its position in shares of Biohaven by 181.4% during the second 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. Point72 Asset Management L.P. grew 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 in the last quarter. Armistice Capital LLC increased its stake in Biohaven by 74.8% in the 2nd quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock valued at $48,489,000 after buying an additional 597,705 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Biohaven by 563.4% during the third 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 in the last quarter. Institutional investors own 88.78% of the company’s stock.

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.