TD Cowen Issues Pessimistic Forecast for Biohaven (NYSE:BHVN) Stock Price

Biohaven (NYSE:BHVN) had its price objective reduced by analysts at TD Cowen from $50.00 to $15.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 75.73% from the stock’s previous close.

A number of other research firms have also recently commented on BHVN. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Biohaven in a research note on Wednesday. Robert W. Baird set a $42.00 price objective on shares of Biohaven in a research note on Wednesday. Leerink Partners dropped their target price on Biohaven from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, August 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Biohaven in a report on Wednesday, October 8th. Finally, Bank of America decreased their price target on Biohaven from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $34.21.

Biohaven Price Performance

Shares of Biohaven stock opened at $8.54 on Wednesday. The stock has a market cap of $903.02 million, a price-to-earnings ratio of -1.11 and a beta of 1.10. The company has a debt-to-equity ratio of 1.91, a quick ratio of 3.82 and a current ratio of 3.82. The stock has a 50 day moving average price of $15.28 and a 200-day moving average price of $15.78. Biohaven has a one year low of $7.80 and a one year high of $54.68.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Monday, August 11th. The company reported ($1.94) EPS for the quarter, hitting the consensus estimate of ($1.94). Equities analysts expect that Biohaven will post -8.9 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in Biohaven during the 2nd quarter valued at $12,735,000. Millennium Management LLC increased its stake in shares of Biohaven by 1,172.9% during the first quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock valued at $21,666,000 after buying an additional 830,457 shares during the period. Bellevue Group AG raised its holdings in shares of Biohaven by 37.3% in the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock valued at $39,548,000 after acquiring an additional 762,000 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Biohaven during the 2nd quarter worth about $9,289,000. Finally, T. Rowe Price Investment Management Inc. bought a new position in Biohaven during the 1st quarter worth about $15,481,000. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

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.