Biohaven (NYSE:BHVN) Price Target Raised to $68.00 at Royal Bank of Canada

Biohaven (NYSE:BHVN) had its target price hoisted by Royal Bank of Canada from $59.00 to $68.00 in a research note released on Tuesday, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research firms have also recently commented on BHVN. Jefferies Financial Group began coverage on Biohaven in a research note on Monday, September 16th. They set a buy rating and a $57.00 target price for the company. Sanford C. Bernstein began coverage on Biohaven in a research note on Wednesday, September 4th. They set an outperform rating and a $55.00 target price for the company. Morgan Stanley began coverage on Biohaven in a research note on Wednesday, July 24th. They set an overweight rating and a $58.00 target price for the company. Leerink Partners increased their target price on Biohaven from $55.00 to $60.00 and gave the company an outperform rating in a research note on Monday. Finally, HC Wainwright reissued a buy rating and set a $59.00 price target on shares of Biohaven in a research report on Tuesday. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Buy and an average target price of $60.92.

Biohaven Stock Up 4.0 %

NYSE BHVN opened at $51.18 on Tuesday. The stock has a market cap of $4.84 billion, a PE 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. The business has a 50 day moving average price of $39.23 and a two-hundred day moving average price of $40.78.

Biohaven (NYSE:BHVN) last released its earnings results on Thursday, August 8th. The company reported ($3.64) EPS for the quarter, missing the consensus estimate of ($1.72) by ($1.92). Sell-side analysts anticipate that Biohaven will post -8.92 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director John W. Childs bought 28,400 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were purchased at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the transaction, the director now directly owns 2,339,741 shares of the company’s stock, valued at $83,458,561.47. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director John W. Childs bought 28,400 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were purchased at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the transaction, the director now directly owns 2,339,741 shares of the company’s stock, valued at $83,458,561.47. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory Bailey bought 5,000 shares of the company’s stock in a transaction 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 completion of the transaction, the director now directly owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. The disclosure for this purchase can be found here. 16.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BHVN. Principal Financial Group Inc. increased its holdings in shares of Biohaven by 47.6% during the fourth quarter. Principal Financial Group Inc. now owns 27,935 shares of the company’s stock valued at $1,196,000 after purchasing an additional 9,005 shares during the period. TD Asset Management Inc increased its holdings in shares of Biohaven by 31.0% during the fourth quarter. TD Asset Management Inc now owns 276,172 shares of the company’s stock valued at $11,820,000 after purchasing an additional 65,426 shares during the period. Stifel Financial Corp increased its holdings in shares of Biohaven by 7.9% during the fourth quarter. Stifel Financial Corp now owns 6,225,811 shares of the company’s stock valued at $266,465,000 after purchasing an additional 456,062 shares during the period. Capstone Investment Advisors LLC acquired a new position in shares of Biohaven during the fourth quarter valued at $235,000. Finally, Prevail Innovative Wealth Advisors LLC acquired a new position in shares of Biohaven during the fourth quarter valued at $230,000. 88.78% of the stock is owned by institutional investors and hedge funds.

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.