Cantor Fitzgerald Reaffirms Overweight Rating for Biohaven (NYSE:BHVN)

Cantor Fitzgerald reiterated their overweight rating on shares of Biohaven (NYSE:BHVN) in a research note published on Tuesday, Benzinga reports.

A number of other analysts also recently issued reports on the company. William Blair raised Biohaven to a strong-buy rating in a research note on Friday, August 30th. Morgan Stanley initiated coverage on Biohaven in a research note on Wednesday, July 24th. They issued an overweight rating and a $58.00 target price for the company. Leerink Partners raised their target price on Biohaven from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Monday. Robert W. Baird raised their target price on Biohaven from $58.00 to $60.00 and gave the stock an outperform rating in a research note on Monday. Finally, HC Wainwright reaffirmed a buy rating and issued a $59.00 target price on shares of Biohaven in a research note on Tuesday. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and an average target price of $60.92.

Biohaven Stock Performance

Shares of BHVN stock opened at $51.18 on Tuesday. The stock’s fifty day moving average is $39.23 and its two-hundred day moving average is $40.78. The firm has a market capitalization of $4.84 billion, a P/E ratio of -7.49 and a beta of 1.30. Biohaven has a fifty-two week low of $20.80 and a fifty-two week high of $62.21.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($3.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.72) by ($1.92). On average, equities analysts forecast that Biohaven will post -8.92 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Gregory Bailey bought 5,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was bought at an average cost of $44.19 per share, for a total transaction 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. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Gregory Bailey bought 5,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was bought at an average cost of $44.19 per share, for a total transaction 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. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Childs bought 28,400 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were purchased at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the acquisition, the director now directly owns 2,339,741 shares in the company, valued at $83,458,561.47. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Several hedge funds and other institutional investors have recently made changes to their positions in BHVN. Vanguard Group Inc. boosted its stake in shares of Biohaven by 280.5% in the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after buying an additional 4,650,702 shares during the period. Darwin Global Management Ltd. purchased a new position in shares of Biohaven in the 1st quarter valued at about $80,776,000. Point72 Asset Management L.P. boosted its stake in shares of Biohaven by 142.2% in the 4th quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock valued at $106,297,000 after buying an additional 1,458,072 shares during the period. Farallon Capital Management LLC boosted 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 buying an additional 1,449,000 shares during the period. Finally, Bellevue Group AG purchased a new position in shares of Biohaven in the 4th quarter valued at about $46,010,000. Hedge funds and other 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.