Royal Bank of Canada Cuts Biohaven (NYSE:BHVN) Price Target to $58.00

Biohaven (NYSE:BHVN) had its price target dropped by stock analysts at Royal Bank of Canada from $66.00 to $58.00 in a report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 24.30% from the stock’s previous close.

BHVN has been the topic of several other research reports. TD Cowen upped their price target on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their target price on shares of Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Leerink Partners boosted their price target on shares of Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. UBS Group lowered their target price on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Finally, Robert W. Baird raised their price target on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $62.75.

Biohaven Stock Up 2.3 %

BHVN traded up $1.07 during trading on Monday, hitting $46.66. The company’s stock had a trading volume of 1,203,466 shares, compared to its average volume of 1,129,819. The firm’s 50 day moving average price is $49.10 and its two-hundred day moving average price is $41.10. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of -4.99 and a beta of 1.31. Biohaven has a 12 month low of $26.80 and a 12 month high of $62.21.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). On average, sell-side analysts forecast that Biohaven will post -8.85 earnings per share for the current year.

Insider Activity at Biohaven

In other news, Director John W. Childs acquired 21,052 shares of Biohaven stock in a transaction on Wednesday, October 2nd. The shares were purchased at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the purchase, the director now directly owns 21,052 shares of the company’s stock, valued at approximately $999,970. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gregory Bailey purchased 5,000 shares of Biohaven stock in a transaction that occurred on Tuesday, September 24th. The shares were purchased at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the transaction, 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. 16.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Biohaven

Large investors have recently modified their holdings of the business. Algert Global LLC boosted its stake in Biohaven by 5.9% in the second quarter. Algert Global LLC now owns 7,402 shares of the company’s stock valued at $257,000 after buying an additional 412 shares in the last quarter. KBC Group NV lifted its stake in Biohaven by 24.5% in the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after purchasing an additional 443 shares during the last quarter. Hsbc Holdings PLC boosted its position in Biohaven by 6.1% in the second quarter. Hsbc Holdings PLC now owns 8,291 shares of the company’s stock valued at $286,000 after buying an additional 480 shares in the last quarter. Canton Hathaway LLC grew its stake in shares of Biohaven by 2.3% during the second 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. Finally, Venturi Wealth Management LLC increased its holdings in shares of Biohaven by 19.1% during the third quarter. Venturi Wealth Management LLC now owns 3,117 shares of the company’s stock worth $156,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds 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.