Biohaven (NYSE:BHVN) Stock Rating Lowered by Royal Bank of Canada

Biohaven (NYSE:BHVN) was downgraded by stock analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Monday,Finviz reports. They presently have a $21.00 price objective on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 30.68% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Morgan Stanley reduced their price objective on Biohaven from $69.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. JPMorgan Chase & Co. reduced their price objective on Biohaven from $72.00 to $68.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. William Blair raised Biohaven to a “strong-buy” rating in a research note on Thursday, April 24th. Cantor Fitzgerald raised Biohaven to a “strong-buy” rating in a research note on Tuesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft set a $60.00 target price on Biohaven and gave the stock a “buy” rating in a research note on Thursday, March 20th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $59.46.

Biohaven Trading Up 1.6%

Shares of BHVN stock opened at $16.07 on Monday. The company has a market capitalization of $1.64 billion, a P/E ratio of -1.72 and a beta of 1.18. The business’s 50 day moving average is $22.31 and its two-hundred day moving average is $34.09. Biohaven has a 12-month low of $14.69 and a 12-month high of $55.70.

Biohaven (NYSE:BHVN) last released its earnings results on Monday, May 12th. The company reported ($2.17) earnings per share for the quarter, missing the consensus estimate of ($1.67) by ($0.50). On average, research analysts predict that Biohaven will post -8.9 earnings per share for the current fiscal year.

Insider Activity at Biohaven

In other Biohaven news, Director John W. Childs bought 32,700 shares of the stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the completion of the purchase, the director now directly owns 2,320,571 shares of the company’s stock, valued at approximately $70,707,798.37. The trade was a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 16.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Biohaven

Several large investors have recently modified their holdings of the stock. Exome Asset Management LLC grew its stake in Biohaven by 41.7% in the first quarter. Exome Asset Management LLC now owns 39,900 shares of the company’s stock worth $959,000 after purchasing an additional 11,741 shares in the last quarter. Infinitum Asset Management LLC grew its stake in Biohaven by 172.7% in the first quarter. Infinitum Asset Management LLC now owns 300,000 shares of the company’s stock worth $7,212,000 after purchasing an additional 190,000 shares in the last quarter. Millennium Management LLC grew its stake in Biohaven by 1,172.9% in the first quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock worth $21,666,000 after purchasing an additional 830,457 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Biohaven by 32.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,833 shares of the company’s stock worth $1,747,000 after purchasing an additional 17,562 shares in the last quarter. Finally, EFG Asset Management North America Corp. grew its stake in Biohaven by 59.2% in the first quarter. EFG Asset Management North America Corp. now owns 90,264 shares of the company’s stock worth $2,169,000 after purchasing an additional 33,551 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.