HC Wainwright Reaffirms “Buy” Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $54.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 76.36% from the company’s previous close.

A number of other equities analysts also recently commented on BHVN. TD Cowen lifted their price objective on shares of Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Royal Bank of Canada restated an “outperform” rating and set a $61.00 price objective on shares of Biohaven in a research report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on Biohaven in a research report on Tuesday, February 11th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $62.77.

Biohaven Stock Down 4.5 %

Shares of BHVN traded down $1.44 during trading on Tuesday, reaching $30.62. The company’s stock had a trading volume of 876,779 shares, compared to its average volume of 915,795. The company has a fifty day moving average of $38.24 and a two-hundred day moving average of $42.77. The company has a market cap of $3.10 billion, a price-to-earnings ratio of -3.26 and a beta of 1.28. Biohaven has a twelve month low of $26.80 and a twelve month high of $62.21.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($1.56) by ($0.29). As a group, equities analysts forecast that Biohaven will post -8.9 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director John W. Childs bought 29,000 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was bought at an average cost of $35.94 per share, for a total transaction of $1,042,260.00. Following the completion of the acquisition, the director now directly owns 2,368,741 shares in the company, valued at $85,132,551.54. This represents a 1.24 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 16.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Biohaven

Several hedge funds have recently made changes to their positions in BHVN. Vanguard Group Inc. raised its stake in Biohaven by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 8,414,120 shares of the company’s stock valued at $314,267,000 after purchasing an additional 628,211 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Biohaven by 12.1% during the fourth quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock valued at $260,735,000 after buying an additional 756,032 shares in the last quarter. Stifel Financial Corp raised its position in Biohaven by 0.8% during the fourth quarter. Stifel Financial Corp now owns 6,559,313 shares of the company’s stock valued at $244,990,000 after buying an additional 50,052 shares during the period. Suvretta Capital Management LLC lifted its stake in Biohaven by 8.1% in the 4th quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company’s stock worth $209,917,000 after acquiring an additional 421,052 shares in the last quarter. Finally, Farallon Capital Management LLC grew its stake in Biohaven by 21.6% during the 4th quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock valued at $165,392,000 after acquiring an additional 785,578 shares in the last quarter. Hedge funds and other institutional investors own 88.78% of the company’s stock.

About Biohaven

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.