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

Biohaven (NYSE:BHVN) had its target price reduced by analysts at Royal Bank of Canada from $66.00 to $58.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 22.60% from the company’s previous close.

Several other research analysts also recently issued reports on BHVN. Piper Sandler raised their price objective on shares of Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Sanford C. Bernstein raised their price objective on shares of Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Robert W. Baird raised their price objective on shares of Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. William Blair raised shares of Biohaven to a “strong-buy” rating in a report on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Biohaven has an average rating of “Buy” and an average target price of $62.75.

Biohaven Price Performance

NYSE BHVN opened at $47.31 on Monday. The firm’s fifty day moving average price is $49.23 and its 200 day moving average price is $41.13. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of -4.94 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 posted its earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). As a group, sell-side analysts forecast that Biohaven will post -8.85 earnings per share for the current year.

Insider Activity at Biohaven

In other Biohaven news, Director Gregory Bailey bought 5,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was bought at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the transaction, the director now owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. The trade was a 0.31 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John W. Childs bought 21,052 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were acquired at an average price of $47.50 per share, with a total value of $999,970.00. Following the transaction, the director now owns 21,052 shares of the company’s stock, valued at $999,970. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new position in Biohaven during the third quarter worth about $246,000. Geode Capital Management LLC raised its position in Biohaven by 2.6% during the third quarter. Geode Capital Management LLC now owns 1,714,612 shares of the company’s stock worth $85,696,000 after acquiring an additional 44,174 shares during the last quarter. Barclays PLC grew its holdings in shares of Biohaven by 87.6% during the third quarter. Barclays PLC now owns 268,077 shares of the company’s stock worth $13,396,000 after buying an additional 125,189 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Biohaven during the third quarter worth about $1,339,000. Finally, XTX Topco Ltd grew its holdings in shares of Biohaven by 278.5% during the third quarter. XTX Topco Ltd now owns 32,510 shares of the company’s stock worth $1,625,000 after buying an additional 23,921 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.