Royal Bank of Canada Reiterates Outperform Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $61.00 target price on the stock. Royal Bank of Canada’s target price indicates a potential upside of 101.06% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. TD Cowen lifted their price objective on shares of Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Biohaven in a report on Tuesday, February 11th. They issued a “buy” rating and a $65.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $59.00 price objective on shares of Biohaven in a report on Tuesday, December 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a research report on Tuesday, December 17th. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $63.15.

Biohaven Trading Down 5.4 %

Shares of NYSE:BHVN opened at $30.34 on Tuesday. The company has a market capitalization of $3.07 billion, a PE ratio of -3.24 and a beta of 1.28. Biohaven has a 12-month low of $26.80 and a 12-month high of $62.21. The business’s fifty day simple moving average is $38.24 and its 200-day simple moving average is $42.77.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). Research analysts predict that Biohaven will post -8.9 EPS for the current year.

Insider Activity

In other Biohaven news, Director John W. Childs acquired 29,000 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were purchased at an average price of $35.94 per share, for a total transaction of $1,042,260.00. Following the completion of the purchase, the director now directly owns 2,368,741 shares of the company’s stock, valued at $85,132,551.54. The trade was a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Biohaven by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 8,414,120 shares of the company’s stock valued at $314,267,000 after acquiring an additional 628,211 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Biohaven by 12.1% during the 4th quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock worth $260,735,000 after acquiring an additional 756,032 shares in the last quarter. Stifel Financial Corp grew its position in shares of Biohaven by 0.8% during the 4th quarter. Stifel Financial Corp now owns 6,559,313 shares of the company’s stock valued at $244,990,000 after acquiring an additional 50,052 shares during the period. Suvretta Capital Management LLC increased its stake in shares of Biohaven by 8.1% in the 4th quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company’s stock valued at $209,917,000 after purchasing an additional 421,052 shares in the last quarter. Finally, Farallon Capital Management LLC increased its stake in shares of Biohaven by 21.6% in the 4th quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock valued at $165,392,000 after purchasing an additional 785,578 shares in the last quarter. Institutional investors and hedge funds own 88.78% of the company’s stock.

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.