Biohaven’s (BHVN) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Biohaven (NYSE:BHVN) in a report published on Thursday morning,Benzinga reports. HC Wainwright currently has a $59.00 price target on the stock.

Other equities research analysts also recently issued research reports about the company. Robert W. Baird raised their price target on Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. TD Cowen lifted their target price on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday. UBS Group cut their price target on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Sanford C. Bernstein lifted their price objective on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. boosted their price target on Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $63.42.

Biohaven Price Performance

Shares of BHVN traded down $4.74 during mid-day trading on Thursday, hitting $43.92. 642,548 shares of the company’s stock were exchanged, compared to its average volume of 1,134,858. The company has a market cap of $4.44 billion, a PE ratio of -4.75 and a beta of 1.31. Biohaven has a 52 week low of $26.80 and a 52 week high of $62.21. The company has a 50-day simple moving average of $48.01 and a 200 day simple moving average of $40.87.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.03). On average, analysts anticipate that Biohaven will post -8.81 earnings per share for the current year.

Insider Activity

In other news, Director John W. Childs acquired 21,052 shares of Biohaven stock in a transaction dated Wednesday, October 2nd. The shares were purchased at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the transaction, the director now owns 21,052 shares of the company’s stock, valued at $999,970. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gregory Bailey acquired 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The shares were purchased at an average price of $44.19 per share, for a total transaction 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 trade was a 0.31 % increase in their position. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 DIFC Ltd purchased a new position in shares of Biohaven in the 3rd quarter valued at approximately $368,000. Point72 Asset Management L.P. grew its holdings in shares of Biohaven by 745.9% in the third quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock worth $74,969,000 after acquiring an additional 1,322,922 shares during the period. Parallax Volatility Advisers L.P. bought a new stake in shares of Biohaven in the third quarter worth $258,000. Janus Henderson Group PLC grew its holdings in shares of Biohaven by 5.6% in the third quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock worth $311,142,000 after acquiring an additional 328,099 shares during the period. Finally, HighTower Advisors LLC purchased a new position in Biohaven during the third quarter valued at $276,000. 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.