Biohaven’s (BHVN) Outperform Rating Reiterated at Royal Bank of Canada

Biohaven (NYSE:BHVN)‘s stock had its “outperform” rating restated by research analysts at Royal Bank of Canada in a research report issued on Wednesday,Benzinga reports. They currently have a $61.00 target price on the stock, up from their prior target price of $58.00. Royal Bank of Canada’s price objective would suggest a potential upside of 30.96% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Piper Sandler lifted their price objective on shares of Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. UBS Group reduced their price target on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a research report on Wednesday, October 23rd. TD Cowen raised their price target on shares of Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group initiated coverage on shares of Biohaven in a research note on Monday, September 16th. They set a “buy” rating and a $57.00 price target for the company. 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.com, Biohaven currently has a consensus rating of “Buy” and an average price target of $63.00.

Biohaven Stock Performance

Shares of NYSE:BHVN traded up $2.90 on Wednesday, reaching $46.58. The company’s stock had a trading volume of 177,567 shares, compared to its average volume of 1,120,583. The company has a 50-day simple moving average of $49.71 and a 200 day simple moving average of $41.52. Biohaven has a 52-week low of $26.80 and a 52-week high of $62.21. The company has a market cap of $4.71 billion, a P/E ratio of -4.98 and a beta of 1.24.

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). On average, equities research analysts forecast that Biohaven will post -8.85 EPS for the current fiscal year.

Insider Buying and Selling at Biohaven

In other news, Director Gregory Bailey acquired 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The stock was purchased at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the purchase, the director now directly owns 1,620,071 shares in the company, valued at $71,590,937.49. This trade represents a 0.31 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Childs bought 21,052 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased 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 of the company’s stock, valued at $999,970. The trade was a ∞ 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 company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Stifel Financial Corp lifted its stake in shares of Biohaven by 0.4% in the 3rd quarter. Stifel Financial Corp now owns 6,509,261 shares of the company’s stock valued at $325,268,000 after purchasing an additional 28,684 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Biohaven by 5.6% during the 3rd quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock worth $311,142,000 after acquiring an additional 328,099 shares in the last quarter. Farallon Capital Management LLC grew its position in shares of Biohaven by 181.4% during the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock valued at $78,028,000 after acquiring an additional 1,449,000 shares during the period. Geode Capital Management LLC grew its position in shares of Biohaven by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,714,612 shares of the company’s stock valued at $85,696,000 after acquiring an additional 44,174 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in shares of Biohaven by 745.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock valued at $74,969,000 after purchasing an additional 1,322,922 shares in the last quarter. 88.78% of the stock is owned by institutional investors and hedge funds.

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.