JPMorgan Chase & Co. Lowers Biohaven (NYSE:BHVN) Price Target to $68.00

Biohaven (NYSE:BHVN) had its price objective cut by research analysts at JPMorgan Chase & Co. from $72.00 to $68.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 123.92% from the company’s current price.

A number of other research analysts have also recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a research report on Tuesday, December 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price target on shares of Biohaven in a research report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on Biohaven in a research report on Tuesday, February 11th. They set a “buy” rating and a $65.00 price target on the stock. TD Cowen upped their price target on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $54.00 price target on shares of Biohaven in a research report on Tuesday. Fourteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Biohaven has a consensus rating of “Buy” and a consensus price target of $62.77.

Biohaven Trading Down 1.9 %

BHVN stock opened at $30.37 on Wednesday. The stock’s fifty day simple moving average is $37.98 and its two-hundred day simple moving average is $42.58. Biohaven has a 1-year low of $26.80 and a 1-year high of $62.21. The stock has a market cap of $3.07 billion, a P/E ratio of -3.25 and a beta of 1.27.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($1.56) by ($0.29). As a group, analysts forecast that Biohaven will post -8.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John W. Childs acquired 29,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were acquired at an average price of $35.94 per share, with a total value of $1,042,260.00. Following the acquisition, the director now owns 2,368,741 shares of the company’s stock, valued at approximately $85,132,551.54. This trade represents a 1.24 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 16.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Biohaven

Institutional investors have recently added to or reduced their stakes in the business. SpiderRock Advisors LLC bought a new position in Biohaven in the 3rd quarter worth about $620,000. Citigroup Inc. increased its stake in Biohaven by 125.8% in the 3rd quarter. Citigroup Inc. now owns 119,905 shares of the company’s stock worth $5,992,000 after acquiring an additional 66,801 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Biohaven in the 3rd quarter worth about $1,339,000. JPMorgan Chase & Co. increased its stake in Biohaven by 85.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company’s stock worth $40,448,000 after acquiring an additional 372,737 shares during the last quarter. Finally, XTX Topco Ltd increased its stake in Biohaven by 278.5% in the 3rd quarter. XTX Topco Ltd now owns 32,510 shares of the company’s stock worth $1,625,000 after acquiring an additional 23,921 shares during the last quarter. 88.78% of the stock is currently owned by institutional investors.

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.