HC Wainwright Reaffirms “Buy” Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They presently have a $54.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 76.36% from the company’s previous close.

A number of other analysts have also recently weighed in on the company. TD Cowen increased their price objective on Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price objective on shares of Biohaven in a research note on Tuesday. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research note on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Biohaven in a research note on Tuesday, February 11th. They set a “buy” rating and a $65.00 price target on the stock. Fourteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $62.77.

Biohaven Stock Performance

NYSE BHVN traded down $1.44 during trading hours on Tuesday, hitting $30.62. The company had a trading volume of 876,779 shares, compared to its average volume of 915,795. The business has a 50 day moving average of $38.24 and a 200-day moving average of $42.77. Biohaven has a 1-year low of $26.80 and a 1-year high of $62.21. The company has a market cap of $3.10 billion, a PE ratio of -3.26 and a beta of 1.28.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). Sell-side analysts expect that Biohaven will post -8.9 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John W. Childs purchased 29,000 shares of the stock in a transaction dated Monday, December 30th. The stock was acquired at an average cost of $35.94 per share, for a total transaction of $1,042,260.00. Following the completion of the acquisition, the director now directly owns 2,368,741 shares in the company, valued at $85,132,551.54. This represents a 1.24 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Several hedge funds have recently made changes to their positions in BHVN. Point72 Asset Management L.P. increased its stake in shares of 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 acquiring an additional 1,322,922 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Biohaven by 144.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,979,169 shares of the company’s stock valued at $73,922,000 after acquiring an additional 1,169,721 shares during the last quarter. Norges Bank acquired a new stake in Biohaven during the fourth quarter worth about $33,711,000. Farallon Capital Management LLC raised its holdings in shares of Biohaven by 21.6% in the 4th quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock worth $165,392,000 after purchasing an additional 785,578 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of Biohaven by 12.1% in the fourth quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock worth $260,735,000 after acquiring an additional 756,032 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.