Royal Bank of Canada Lowers Biohaven (NYSE:BHVN) Price Target to $58.00

Biohaven (NYSE:BHVN) had its price target dropped by research analysts at Royal Bank of Canada from $66.00 to $58.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 24.30% from the company’s previous close.

BHVN has been the subject of several other research reports. Leerink Partners raised their price target on shares of Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. TD Cowen increased their price target on Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. William Blair upgraded Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Sanford C. Bernstein lifted their target price on shares of Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Finally, Bank of America raised their price objective on shares of Biohaven from $52.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Thirteen 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, the company currently has a consensus rating of “Buy” and a consensus target price of $62.75.

Biohaven Stock Performance

Shares of NYSE BHVN traded up $1.07 during midday trading on Monday, hitting $46.66. 1,203,466 shares of the stock traded hands, compared to its average volume of 1,129,819. The business has a 50 day moving average price of $49.10 and a two-hundred day moving average price of $41.10. Biohaven has a one year low of $26.80 and a one year high of $62.21. The company has a market cap of $4.72 billion, a PE ratio of -4.99 and a beta of 1.31.

Biohaven (NYSE:BHVN) last posted its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.67) by ($0.03). As a group, equities research analysts forecast that Biohaven will post -8.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John W. Childs purchased 21,052 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was bought at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the transaction, the director now directly owns 21,052 shares in the company, valued at $999,970. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Gregory Bailey purchased 5,000 shares of the company’s stock in a transaction that occurred 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 completion of the purchase, the director now owns 1,620,071 shares in the company, valued at $71,590,937.49. This trade represents a 0.31 % increase in their position. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biohaven

A number of institutional investors have recently modified their holdings of BHVN. nVerses Capital LLC purchased a new stake in shares of Biohaven during the third quarter valued at about $50,000. Redwood Wealth Management Group LLC purchased a new position in Biohaven during the 2nd quarter worth $61,000. Values First Advisors Inc. acquired a new position in Biohaven during the 3rd quarter valued at about $78,000. US Bancorp DE boosted its holdings in Biohaven by 57.1% in the third quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after acquiring an additional 790 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Biohaven by 24.5% during the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after acquiring an additional 443 shares during the last quarter. 88.78% of the stock is owned by hedge funds and other 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.