Piper Sandler Boosts Biohaven (NYSE:BHVN) Price Target to $76.00

Biohaven (NYSE:BHVN) had its price objective lifted by stock analysts at Piper Sandler from $66.00 to $76.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 63.23% from the stock’s previous close.

Several other research firms have also commented on BHVN. Jefferies Financial Group assumed coverage on Biohaven in a report on Monday, September 16th. They set a “buy” rating and a $57.00 target price on the stock. Sanford C. Bernstein started coverage on Biohaven in a report on Wednesday, September 4th. They issued an “outperform” rating and a $55.00 price objective on the stock. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Royal Bank of Canada restated an “outperform” rating and set a $59.00 price target on shares of Biohaven in a research report on Wednesday, September 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a report on Monday, August 19th. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $58.90.

Biohaven Price Performance

BHVN traded up $6.17 on Monday, reaching $46.56. 4,766,045 shares of the stock were exchanged, compared to its average volume of 1,167,707. The company’s 50-day moving average price is $38.35 and its 200 day moving average price is $40.83. The firm has a market capitalization of $4.11 billion, a PE ratio of -6.64 and a beta of 1.30. Biohaven has a fifty-two week low of $16.48 and a fifty-two week high of $62.21.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($3.64) earnings per share for the quarter, missing the consensus estimate of ($1.72) by ($1.92). As a group, equities analysts forecast that Biohaven will post -8.92 earnings per share for the current fiscal year.

Insider Activity at Biohaven

In related news, Director John W. Childs bought 28,400 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 16.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Biohaven

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock worth $345,031,000 after buying an additional 4,650,702 shares during the last quarter. Darwin Global Management Ltd. purchased a new stake in shares of Biohaven in the first quarter valued at about $80,776,000. Point72 Asset Management L.P. increased its stake in shares of Biohaven by 142.2% during the 4th quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock worth $106,297,000 after purchasing an additional 1,458,072 shares in the last quarter. Farallon Capital Management LLC raised its position in shares of Biohaven by 181.4% during the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock worth $78,028,000 after purchasing an additional 1,449,000 shares during the last quarter. Finally, Bellevue Group AG purchased a new stake in Biohaven in the 4th quarter valued at approximately $46,010,000. Hedge funds and other institutional investors 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.