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

Biohaven (NYSE:BHVN) had its target price cut by Royal Bank of Canada from $68.00 to $66.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

BHVN has been the topic of several other research reports. Leerink Partners lifted their price objective on Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. William Blair raised shares of Biohaven to a “strong-buy” rating in a report on Friday, August 30th. JPMorgan Chase & Co. lifted their price target on Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and set a $59.00 price objective on shares of Biohaven in a report on Tuesday, September 24th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a research note on Wednesday, October 23rd. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $63.42.

Biohaven Stock Performance

Biohaven stock opened at $44.37 on Wednesday. Biohaven has a 52 week low of $26.80 and a 52 week high of $62.21. The firm has a market capitalization of $4.49 billion, a PE ratio of -4.75 and a beta of 1.31. The business’s 50-day simple moving average is $48.16 and its 200-day simple moving average is $40.91.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Research analysts forecast that Biohaven will post -8.81 earnings per share for the current year.

Insider Transactions at Biohaven

In other news, Director John W. Childs acquired 21,052 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was 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 $999,970. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gregory Bailey acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was acquired at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the transaction, the director now owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. This represents 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.

Hedge Funds Weigh In On Biohaven

Hedge funds and other institutional investors have recently made changes to their positions in the company. Stifel Financial Corp boosted its position in Biohaven by 0.4% during the third quarter. Stifel Financial Corp now owns 6,509,261 shares of the company’s stock worth $325,268,000 after purchasing an additional 28,684 shares during the period. Vanguard Group Inc. lifted its position in shares of Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after acquiring an additional 4,650,702 shares during the period. Janus Henderson Group PLC increased its holdings in Biohaven by 5.6% in the 3rd quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock valued at $311,142,000 after buying an additional 328,099 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Biohaven by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock valued at $183,050,000 after acquiring an additional 212,699 shares during the last quarter. Finally, Farallon Capital Management LLC increased its stake in shares of Biohaven by 181.4% in the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock valued at $78,028,000 after purchasing an additional 1,449,000 shares during the last quarter. 88.78% of the stock is owned by institutional investors.

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.