Biohaven (NYSE:BHVN) Receives Buy Rating from HC Wainwright

Biohaven (NYSE:BHVN)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a report released on Tuesday, Benzinga reports. They presently have a $59.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 28.46% from the stock’s previous close.

BHVN has been the topic of a number of other reports. William Blair upgraded Biohaven to a “strong-buy” rating in a report on Friday, August 30th. UBS Group cut their target price on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Sanford C. Bernstein began coverage on shares of Biohaven in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $55.00 price target for the company. Piper Sandler upped their price objective on shares of Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a report on Monday. Finally, Morgan Stanley began coverage on Biohaven in a research note on Wednesday, July 24th. They issued an “overweight” rating and a $58.00 target price for the company. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $59.00.

Biohaven Stock Up 13.7 %

BHVN stock opened at $45.93 on Tuesday. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of -6.72 and a beta of 1.30. The company’s fifty day simple moving average is $38.50 and its 200 day simple moving average is $40.74. Biohaven has a 12-month low of $16.48 and a 12-month high of $62.21.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($3.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.72) by ($1.92). Research analysts expect that Biohaven will post -8.92 earnings per share for the current year.

Insider Activity at Biohaven

In other news, Director John W. Childs purchased 28,400 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were bought at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the transaction, the director now directly owns 2,339,741 shares of the company’s stock, valued at $83,458,561.47. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.00% of the stock is currently owned by insiders.

Institutional Trading of Biohaven

A number of institutional investors and hedge funds have recently modified their holdings of the business. Redwood Wealth Management Group LLC purchased a new position in Biohaven in the second quarter worth $61,000. Elkhorn Partners Limited Partnership bought a new stake in shares of Biohaven during the 2nd quarter worth $125,000. Quarry LP boosted its holdings in shares of Biohaven by 614.3% in the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $174,000 after buying an additional 4,300 shares during the last quarter. Prevail Innovative Wealth Advisors LLC bought a new position in Biohaven during the fourth quarter valued at about $230,000. Finally, Capstone Investment Advisors LLC purchased a new stake in Biohaven during the fourth quarter worth about $235,000. 88.78% of the stock is owned by hedge funds and other institutional investors.

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.