UBS Group Cuts Biohaven (NYSE:BHVN) Price Target to $26.00

Biohaven (NYSE:BHVN) had its price target reduced by UBS Group from $27.00 to $26.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

BHVN has been the subject of several other research reports. HC Wainwright restated a “buy” rating and set a $30.00 price target (down previously from $54.00) on shares of Biohaven in a research report on Tuesday, August 12th. Royal Bank Of Canada cut shares of Biohaven from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $54.00 to $21.00 in a research report on Monday, May 19th. Raymond James Financial upgraded shares of Biohaven from a “moderate buy” rating to a “strong-buy” rating in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. reduced their price objective on Biohaven from $68.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, June 18th. Finally, Morgan Stanley decreased their price objective on Biohaven from $63.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, August 12th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Biohaven currently has an average rating of “Buy” and a consensus price target of $51.80.

Biohaven Stock Up 5.7%

Shares of Biohaven stock opened at $15.54 on Tuesday. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -2.03 and a beta of 1.02. Biohaven has a twelve month low of $12.79 and a twelve month high of $55.70. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 1.91. The business’s 50 day simple moving average is $14.62 and its 200-day simple moving average is $18.04.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Monday, August 11th. The company reported ($1.94) EPS for the quarter, hitting analysts’ consensus estimates of ($1.94). Equities research analysts forecast that Biohaven will post -8.9 earnings per share for the current year.

Institutional Investors Weigh In On Biohaven

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BHVN. Norges Bank acquired a new stake in Biohaven in the second quarter worth approximately $12,735,000. Millennium Management LLC raised its stake in shares of Biohaven by 1,172.9% in the 1st quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock worth $21,666,000 after buying an additional 830,457 shares in the last quarter. Bellevue Group AG lifted its holdings in shares of Biohaven by 37.3% in the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock valued at $39,548,000 after buying an additional 762,000 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Biohaven in the second quarter valued at $9,289,000. Finally, T. Rowe Price Investment Management Inc. bought a new position in Biohaven during the first quarter valued at about $15,481,000. 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.