Royal Bank of Canada Reaffirms “Outperform” Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “outperform” rating reaffirmed by stock analysts at Royal Bank of Canada in a note issued to investors on Tuesday,Benzinga reports. They currently have a $61.00 price target on the stock. Royal Bank of Canada’s price objective points to a potential upside of 96.89% from the company’s previous close.

A number of other analysts also recently weighed in on the company. HC Wainwright reiterated a “buy” rating and set a $59.00 price target on shares of Biohaven in a report on Tuesday, December 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft initiated coverage on Biohaven in a report on Tuesday, February 11th. They set a “buy” rating and a $65.00 price target for the company. Finally, TD Cowen increased their price objective on shares of Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Biohaven has an average rating of “Buy” and a consensus target price of $62.77.

Biohaven Stock Down 1.2 %

NYSE BHVN opened at $30.98 on Tuesday. The stock has a fifty day simple moving average of $38.07 and a 200 day simple moving average of $42.66. Biohaven has a twelve month low of $26.80 and a twelve month high of $62.21. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -3.31 and a beta of 1.27.

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). Research analysts expect that Biohaven will post -8.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Biohaven

In other news, Director John W. Childs acquired 32,700 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was purchased at an average price of $30.47 per share, for a total transaction of $996,369.00. Following the purchase, the director now owns 2,320,571 shares in the company, valued at approximately $70,707,798.37. This represents a 1.43 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Large investors have recently modified their holdings of the stock. SpiderRock Advisors LLC bought a new position in shares of Biohaven in the third quarter worth $620,000. Citigroup Inc. boosted its position in Biohaven by 125.8% during the third quarter. Citigroup Inc. now owns 119,905 shares of the company’s stock valued at $5,992,000 after buying an additional 66,801 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Biohaven during the third quarter valued at about $1,339,000. JPMorgan Chase & Co. raised its stake in shares of Biohaven by 85.4% during the third quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company’s stock valued at $40,448,000 after acquiring an additional 372,737 shares during the last quarter. Finally, XTX Topco Ltd boosted 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 purchasing an additional 23,921 shares during the period. 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.