Royal Bank of Canada Raises Biohaven (NYSE:BHVN) Price Target to $68.00

Biohaven (NYSE:BHVN) had its target price boosted by Royal Bank of Canada from $59.00 to $68.00 in a research report released on Tuesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other brokerages have also commented on BHVN. Jefferies Financial Group initiated coverage on shares of Biohaven in a research report on Monday, September 16th. They set a buy rating and a $57.00 target price on the stock. William Blair upgraded shares of Biohaven to a strong-buy rating in a research report on Friday, August 30th. HC Wainwright reiterated a buy rating and issued a $59.00 price objective on shares of Biohaven in a research report on Tuesday. Leerink Partners boosted their price objective on shares of Biohaven from $55.00 to $60.00 and gave the stock an outperform rating in a research report on Monday. Finally, UBS Group decreased their price objective on shares of Biohaven from $55.00 to $54.00 and set a buy rating on the stock in a research report on Tuesday, August 13th. 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 data from MarketBeat, Biohaven has a consensus rating of Buy and an average price target of $60.92.

Biohaven Price Performance

NYSE:BHVN opened at $51.18 on Tuesday. The firm’s fifty day moving average price is $39.23 and its 200 day moving average price is $40.78. Biohaven has a 1-year low of $20.80 and a 1-year high of $62.21. The firm has a market cap of $4.84 billion, a price-to-earnings ratio of -7.49 and a beta of 1.30.

Biohaven (NYSE:BHVN) last issued its earnings results on Thursday, August 8th. The company reported ($3.64) EPS for the quarter, missing the consensus estimate of ($1.72) by ($1.92). As a group, analysts expect that Biohaven will post -8.92 earnings per share for the current fiscal year.

Insider Activity at Biohaven

In related news, Director John W. Childs acquired 28,400 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was bought 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 can be accessed through this hyperlink. In related news, Director Gregory Bailey acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was bought at an average price of $44.19 per share, with a total value of $220,950.00. Following the purchase, the director now directly owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John W. Childs bought 28,400 shares of the firm’s 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 acquisition, the director now directly owns 2,339,741 shares in the company, valued at approximately $83,458,561.47. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Biohaven

A number of institutional investors have recently modified their holdings of BHVN. Principal Financial Group Inc. grew its holdings in shares of Biohaven by 47.6% during the 4th quarter. Principal Financial Group Inc. now owns 27,935 shares of the company’s stock worth $1,196,000 after purchasing an additional 9,005 shares during the period. TD Asset Management Inc boosted its holdings in Biohaven by 31.0% in the 4th quarter. TD Asset Management Inc now owns 276,172 shares of the company’s stock worth $11,820,000 after acquiring an additional 65,426 shares during the period. Stifel Financial Corp boosted its holdings in Biohaven by 7.9% in 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 during the period. Capstone Investment Advisors LLC purchased a new position in Biohaven in the 4th quarter worth approximately $235,000. Finally, Prevail Innovative Wealth Advisors LLC purchased a new position in Biohaven in the 4th quarter worth approximately $230,000. Hedge funds and other institutional investors own 88.78% of the company’s stock.

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.