Biohaven (NYSE:BHVN) Research Coverage Started at Morgan Stanley

Morgan Stanley initiated coverage on shares of Biohaven (NYSE:BHVN) in a research note issued to investors on Wednesday morning, MarketBeat reports. The brokerage issued an overweight rating and a $58.00 target price on the stock.

Other analysts have also issued reports about the stock. UBS Group upped their price objective on shares of Biohaven from $59.00 to $60.00 and gave the stock a buy rating in a research note on Tuesday, April 23rd. Cantor Fitzgerald reaffirmed an overweight rating on shares of Biohaven in a research note on Thursday, May 30th. Royal Bank of Canada reaffirmed an outperform rating and issued a $59.00 price objective on shares of Biohaven in a research note on Tuesday, June 18th. Finally, HC Wainwright reaffirmed a buy rating and issued a $59.00 price objective on shares of Biohaven in a research note on Thursday, May 30th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $55.13.

Biohaven Trading Up 2.4 %

Shares of BHVN opened at $41.19 on Wednesday. The firm has a market capitalization of $3.64 billion, a P/E ratio of -6.03 and a beta of 1.32. Biohaven has a 12-month low of $16.45 and a 12-month high of $62.21. The firm has a fifty day moving average price of $35.50 and a 200-day moving average price of $43.42.

Biohaven (NYSE:BHVN) last issued its earnings results on Thursday, May 9th. The company reported ($2.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.50) by ($0.70). Analysts predict that Biohaven will post -7.16 earnings per share for the current year.

Insider Activity

In related news, Director John W. Childs acquired 28,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was purchased at an average cost of $35.58 per share, with a total value of $996,240.00. Following the transaction, the director now directly owns 2,311,341 shares of the company’s stock, valued at approximately $82,237,512.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director John W. Childs acquired 28,400 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was purchased at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the transaction, the director now directly owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John W. Childs acquired 28,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was bought at an average cost of $35.58 per share, with a total value of $996,240.00. Following the completion of the transaction, the director now directly owns 2,311,341 shares in the company, valued at $82,237,512.78. The disclosure for this purchase can be found here. Insiders have purchased a total of 84,900 shares of company stock worth $3,011,613 over the last 90 days. 16.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Biohaven

A number of institutional investors have recently bought and sold shares of the business. Canton Hathaway LLC raised its position in Biohaven by 2.3% during the 2nd quarter. Canton Hathaway LLC now owns 21,850 shares of the company’s stock worth $758,000 after buying an additional 500 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Biohaven by 7.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 12,188 shares of the company’s stock worth $667,000 after buying an additional 830 shares during the last quarter. Raymond James & Associates raised its position in Biohaven by 3.5% during the 4th quarter. Raymond James & Associates now owns 28,499 shares of the company’s stock worth $1,220,000 after buying an additional 954 shares during the last quarter. ProShare Advisors LLC raised its position in Biohaven by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 12,291 shares of the company’s stock worth $672,000 after buying an additional 967 shares during the last quarter. Finally, Weybosset Research & Management LLC raised its position in Biohaven by 12.4% during the 4th quarter. Weybosset Research & Management LLC now owns 13,640 shares of the company’s stock worth $584,000 after buying an additional 1,500 shares during the last quarter. 88.78% of the stock is owned by hedge funds and other 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.