Biohaven’s (BHVN) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Biohaven (NYSE:BHVN) in a report published on Thursday,Benzinga reports. The brokerage currently has a $59.00 price objective on the stock.

Other equities analysts have also issued research reports about the stock. Leerink Partners raised their price objective on shares of Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Jefferies Financial Group assumed coverage on Biohaven in a report on Monday, September 16th. They set a “buy” rating and a $57.00 price target on the stock. TD Cowen increased their price target on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler increased their price target on Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Finally, Bank of America increased their price target on Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $63.42.

Biohaven Price Performance

BHVN traded down $4.74 during midday trading on Thursday, hitting $43.92. 642,548 shares of the company’s stock traded hands, compared to its average volume of 1,134,858. The company has a market cap of $4.44 billion, a PE ratio of -4.75 and a beta of 1.31. The stock’s fifty day simple moving average is $48.01 and its 200-day simple moving average is $40.87. Biohaven has a one year low of $26.80 and a one year high of $62.21.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.67) by ($0.03). On average, research analysts expect that Biohaven will post -8.81 EPS for the current year.

Insider Buying and Selling at Biohaven

In other news, Director John W. Childs bought 21,052 shares of Biohaven stock in a transaction dated Wednesday, October 2nd. The shares were bought at an average price of $47.50 per share, for a total transaction of $999,970.00. Following the purchase, the director now owns 21,052 shares of the company’s stock, valued at approximately $999,970. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory Bailey bought 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The stock was purchased at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the purchase, the director now directly owns 1,620,071 shares in the company, valued at $71,590,937.49. This represents a 0.31 % increase in their position. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BHVN. Vanguard Group Inc. lifted its position in Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after purchasing an additional 4,650,702 shares during the period. Janus Henderson Group PLC lifted its position in Biohaven by 5.6% during the 3rd quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock valued at $311,142,000 after purchasing an additional 328,099 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Biohaven by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock valued at $183,050,000 after purchasing an additional 212,699 shares during the period. Farallon Capital Management LLC lifted its position in 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 purchasing an additional 1,449,000 shares during the period. Finally, Point72 Asset Management L.P. lifted its position in Biohaven by 745.9% during 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 during the period. 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.