Royal Bank of Canada Raises Biohaven (NYSE:BHVN) Price Target to $68.00

Biohaven (NYSE:BHVN) had its target price raised by investment analysts at Royal Bank of Canada from $59.00 to $68.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 48.05% from the stock’s current price.

BHVN has been the topic of a number of other research reports. HC Wainwright restated a “buy” rating and issued a $59.00 target price on shares of Biohaven in a research note on Tuesday. Sanford C. Bernstein began coverage on Biohaven in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $55.00 price target for the company. UBS Group cut their price objective on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Leerink Partners lifted their target price on shares of Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday. Finally, William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $59.82.

Biohaven Stock Performance

BHVN stock opened at $45.93 on Tuesday. The firm has a 50 day simple moving average of $38.50 and a 200 day simple moving average of $40.74. Biohaven has a 52 week low of $16.48 and a 52 week high of $62.21. The stock has a market cap of $4.06 billion, a P/E ratio of -6.72 and a beta of 1.30.

Biohaven (NYSE:BHVN) last issued its earnings results 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). Sell-side analysts predict that Biohaven will post -8.92 EPS for the current year.

Insider Transactions at Biohaven

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

Institutional Trading of Biohaven

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Redwood Wealth Management Group LLC acquired a new position in shares of Biohaven during the second quarter worth approximately $61,000. Elkhorn Partners Limited Partnership bought a new position in Biohaven during the second quarter worth $125,000. Quarry LP raised its stake in Biohaven by 614.3% during the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock valued at $174,000 after purchasing an additional 4,300 shares during the last quarter. Prevail Innovative Wealth Advisors LLC bought a new stake in Biohaven in the 4th quarter valued at $230,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Biohaven in the 4th quarter worth $235,000. Institutional investors and hedge funds 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.