Biohaven (NYSE:BHVN) Price Target Raised to $66.00

Biohaven (NYSE:BHVN) had its target price increased by Sanford C. Bernstein from $55.00 to $66.00 in a report issued on Tuesday morning, Benzinga reports. Sanford C. Bernstein currently has an outperform rating on the stock.

BHVN has been the subject of a number of other research reports. Leerink Partners raised their target price on shares of Biohaven from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Monday. Morgan Stanley began coverage on shares of Biohaven in a research note on Wednesday, July 24th. They set an overweight rating and a $58.00 target price for the company. Robert W. Baird raised their target price on shares of Biohaven from $58.00 to $60.00 and gave the stock an outperform rating in a research note on Monday. UBS Group cut their target price on shares of Biohaven from $55.00 to $54.00 and set a buy rating for the company in a research note on Tuesday, August 13th. Finally, Piper Sandler raised their target price on shares of Biohaven from $66.00 to $76.00 and gave the stock an overweight rating in a research note on Monday. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Buy and an average target price of $60.92.

Biohaven Price Performance

Shares of BHVN stock opened at $51.18 on Tuesday. The stock has a market cap of $4.84 billion, a P/E ratio of -7.49 and a beta of 1.30. The company has a fifty day moving average price of $39.23 and a two-hundred day moving average price of $40.78. Biohaven has a one year low of $20.80 and a one year high of $62.21.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($3.64) EPS for the quarter, missing analysts’ consensus estimates of ($1.72) by ($1.92). As a group, equities research analysts anticipate that Biohaven will post -8.92 EPS for the current fiscal year.

Insider Buying and Selling at Biohaven

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

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Perceptive Advisors LLC grew its holdings in shares of Biohaven by 129.4% during the 4th quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock valued at $73,832,000 after purchasing an additional 973,227 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after purchasing an additional 4,650,702 shares during the last quarter. CWM LLC grew its holdings in shares of Biohaven by 1,893.4% during the 2nd quarter. CWM LLC now owns 14,552 shares of the company’s stock valued at $505,000 after purchasing an additional 13,822 shares during the last quarter. Oak Ridge Investments LLC grew its holdings in shares of Biohaven by 197.6% during the 2nd quarter. Oak Ridge Investments LLC now owns 22,000 shares of the company’s stock valued at $764,000 after purchasing an additional 14,607 shares during the last quarter. Finally, Bellevue Group AG grew its holdings in shares of Biohaven by 7.0% during the 1st quarter. Bellevue Group AG now owns 1,150,000 shares of the company’s stock valued at $62,894,000 after purchasing an additional 75,000 shares during the last quarter. 88.78% of the stock is 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.