Royal Bank of Canada Cuts Biohaven (NYSE:BHVN) Price Target to $66.00

Biohaven (NYSE:BHVN) had its target price lowered by Royal Bank of Canada from $68.00 to $66.00 in a report issued on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

BHVN has been the topic of several other research reports. JPMorgan Chase & Co. upped their price target on Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Leerink Partners upped their target price on Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Sanford C. Bernstein lifted their price target on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Piper Sandler boosted their price objective on Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $63.42.

Biohaven Stock Down 8.8 %

Shares of Biohaven stock opened at $44.37 on Wednesday. The business has a fifty day simple moving average of $48.16 and a 200-day simple moving average of $40.91. Biohaven has a fifty-two week low of $26.80 and a fifty-two week high of $62.21. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of -4.75 and a beta of 1.31.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Analysts anticipate that Biohaven will post -8.81 earnings per share for the current fiscal year.

Insider Activity

In other Biohaven news, Director Gregory Bailey acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were purchased at an average price of $44.19 per share, with a total value of $220,950.00. Following the completion of the transaction, the director now owns 1,620,071 shares in the company, valued at $71,590,937.49. The trade was a 0.31 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John W. Childs bought 21,052 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was acquired at an average cost of $47.50 per share, with a total value of $999,970.00. Following the completion of the transaction, the director now directly owns 21,052 shares of the company’s stock, valued at approximately $999,970. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. nVerses Capital LLC bought a new position in Biohaven during the third quarter valued at about $50,000. Values First Advisors Inc. acquired a new position in shares of Biohaven during the 3rd quarter valued at about $78,000. Redwood Wealth Management Group LLC acquired a new position in shares of Biohaven during the 2nd quarter valued at about $61,000. US Bancorp DE raised its stake in shares of Biohaven by 57.1% in the 3rd quarter. US Bancorp DE now owns 2,173 shares of the company’s stock valued at $109,000 after acquiring an additional 790 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Biohaven by 24.5% in the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after purchasing an additional 443 shares during the last quarter. 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.