Royal Bank of Canada Issues Pessimistic Forecast for Biohaven (NYSE:BHVN) Stock Price

Biohaven (NYSE:BHVN) had its target price lowered by Royal Bank of Canada from $61.00 to $54.00 in a report released on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the company. Morgan Stanley dropped their price target on Biohaven from $69.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. JPMorgan Chase & Co. decreased their target price on Biohaven from $72.00 to $68.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. HC Wainwright reiterated a “buy” rating and issued a $54.00 target price on shares of Biohaven in a research report on Tuesday, March 4th. Robert W. Baird decreased their target price on Biohaven from $60.00 to $57.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Finally, Deutsche Bank Aktiengesellschaft set a $60.00 price target on Biohaven and gave the stock a “buy” rating in a report on Thursday, March 20th. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $62.00.

Biohaven Price Performance

BHVN stock opened at $19.50 on Tuesday. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -2.09 and a beta of 1.18. The business’s fifty day moving average price is $23.01 and its two-hundred day moving average price is $34.91. Biohaven has a fifty-two week low of $15.79 and a fifty-two week high of $55.70.

Biohaven (NYSE:BHVN) last posted its quarterly earnings results on Monday, May 12th. The company reported ($2.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.50). Research analysts expect that Biohaven will post -8.9 EPS for the current year.

Insider Buying and Selling

In related news, Director John W. Childs acquired 32,700 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average cost of $30.47 per share, with a total value of $996,369.00. Following the completion of the purchase, the director now directly owns 2,320,571 shares in the company, valued at $70,707,798.37. The trade was a 1.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 16.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC boosted its position in shares of Biohaven by 6.1% during the 4th quarter. HighTower Advisors LLC now owns 5,870 shares of the company’s stock valued at $219,000 after acquiring an additional 335 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Biohaven by 0.5% during the 3rd quarter. Franklin Resources Inc. now owns 79,705 shares of the company’s stock valued at $4,206,000 after buying an additional 412 shares in the last quarter. FSC Wealth Advisors LLC raised its holdings in shares of Biohaven by 3.3% during the 4th quarter. FSC Wealth Advisors LLC now owns 15,500 shares of the company’s stock valued at $579,000 after buying an additional 500 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Biohaven by 9.4% during the 4th quarter. Prudential Financial Inc. now owns 5,980 shares of the company’s stock valued at $223,000 after buying an additional 514 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Biohaven by 21.9% during the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company’s stock valued at $109,000 after buying an additional 527 shares in the last quarter. 88.78% of the stock is owned by institutional investors and hedge funds.

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.