Biohaven (NYSE:BHVN) Price Target Raised to $62.00

Biohaven (NYSE:BHVN) had its price target lifted by stock analysts at Bank of America from $52.00 to $62.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 39.70% from the stock’s current price.

A number of other research analysts have also weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a research note on Tuesday. William Blair upgraded Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Sanford C. Bernstein boosted their price target on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday. Leerink Partners raised their price objective on Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday. Finally, Royal Bank of Canada upped their target price on shares of Biohaven from $59.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Biohaven presently has a consensus rating of “Buy” and a consensus price target of $60.92.

Biohaven Stock Down 3.4 %

Shares of BHVN stock traded down $1.56 during trading hours on Tuesday, hitting $44.38. 852,831 shares of the company’s stock were exchanged, compared to its average volume of 1,174,059. Biohaven has a fifty-two week low of $16.48 and a fifty-two week high of $62.21. The firm has a market cap of $3.92 billion, a P/E ratio of -6.50 and a beta of 1.30. The firm has a 50 day moving average of $38.50 and a two-hundred day moving average of $40.74.

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

Insiders Place Their Bets

In other news, Director John W. Childs purchased 28,400 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was acquired at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the purchase, the director now directly owns 2,339,741 shares in the company, valued at approximately $83,458,561.47. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 16.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Biohaven

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Redwood Wealth Management Group LLC acquired a new stake in shares of Biohaven during the 2nd quarter worth about $61,000. Elkhorn Partners Limited Partnership acquired a new position in Biohaven in the second quarter valued at about $125,000. Quarry LP boosted its stake in Biohaven by 614.3% during the second 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 period. Prevail Innovative Wealth Advisors LLC acquired a new stake in shares of Biohaven during the fourth quarter valued at about $230,000. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Biohaven in the 4th quarter valued at approximately $235,000. 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.