Piper Sandler Raises Biohaven (NYSE:BHVN) Price Target to $76.00

Biohaven (NYSE:BHVN) had its target price upped by Piper Sandler from $66.00 to $76.00 in a report issued on Monday, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Other analysts have also issued reports about the company. William Blair raised Biohaven to a strong-buy rating in a research note on Friday, August 30th. Morgan Stanley began coverage on shares of Biohaven in a report on Wednesday, July 24th. They set an overweight rating and a $58.00 target price for the company. UBS Group reduced their target price on shares of Biohaven from $55.00 to $54.00 and set a buy rating for the company in a research report on Tuesday, August 13th. Cantor Fitzgerald restated an overweight rating on shares of Biohaven in a research report on Monday, August 19th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $59.00 price objective on shares of Biohaven in a report on Wednesday, September 4th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Biohaven presently has a consensus rating of Buy and a consensus price target of $60.92.

Biohaven Stock Up 9.3 %

BHVN opened at $49.22 on Monday. The firm’s fifty day simple moving average is $38.90 and its two-hundred day simple moving average is $40.71. Biohaven has a 52-week low of $17.17 and a 52-week high of $62.21. The company has a market cap of $4.65 billion, a price-to-earnings ratio of -7.21 and a beta of 1.30.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results 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, research analysts forecast that Biohaven will post -8.92 EPS for the current year.

Insider Activity

In other news, Director John W. Childs purchased 28,400 shares of Biohaven stock in a transaction dated Thursday, July 18th. The shares were purchased at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the transaction, the director now owns 2,339,741 shares in the company, valued at $83,458,561.47. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other Biohaven news, Director John W. Childs purchased 28,400 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were 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 purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gregory Bailey acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were acquired at an average cost of $44.19 per share, with a total value of $220,950.00. Following the completion of the transaction, the director now directly owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Several large investors have recently made changes to their positions in BHVN. Principal Financial Group Inc. raised its position in Biohaven by 47.6% in the fourth quarter. Principal Financial Group Inc. now owns 27,935 shares of the company’s stock valued at $1,196,000 after purchasing an additional 9,005 shares during the period. TD Asset Management Inc raised its holdings in shares of Biohaven by 31.0% in the 4th quarter. TD Asset Management Inc now owns 276,172 shares of the company’s stock valued at $11,820,000 after buying an additional 65,426 shares during the period. Stifel Financial Corp lifted its stake in Biohaven by 7.9% during the 4th quarter. Stifel Financial Corp now owns 6,225,811 shares of the company’s stock worth $266,465,000 after acquiring an additional 456,062 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in Biohaven during the 4th quarter valued at about $235,000. Finally, Prevail Innovative Wealth Advisors LLC acquired a new position in Biohaven in the 4th quarter valued at about $230,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.