Biohaven (NYSE:BHVN) Price Target Cut to $58.00 by Analysts at Royal Bank of Canada

Biohaven (NYSE:BHVN) had its target price lowered by Royal Bank of Canada from $66.00 to $58.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts also recently issued reports on BHVN. William Blair raised shares of Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. Sanford C. Bernstein raised 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. UBS Group lowered their price objective on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, Leerink Partners increased their target price on shares of Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $62.75.

Biohaven Stock Performance

Biohaven stock opened at $45.21 on Monday. Biohaven has a one year low of $26.80 and a one year high of $62.21. The stock has a fifty day moving average of $49.10 and a 200 day moving average of $41.10. The stock has a market cap of $4.57 billion, a PE ratio of -4.84 and a beta of 1.31.

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

Insider Buying and Selling at Biohaven

In other Biohaven news, Director John W. Childs purchased 21,052 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were bought at an average price of $47.50 per share, with a total value of $999,970.00. Following the completion of the purchase, the director now directly owns 21,052 shares in the company, valued at $999,970. This trade represents a ? increase in their ownership of the stock. The transaction 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 the company’s stock in a transaction on Tuesday, September 24th. The stock was acquired 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 directly owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. This represents a 0.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Biohaven by 280.5% during the first quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after purchasing an additional 4,650,702 shares during the period. Advisors Asset Management Inc. raised its holdings in Biohaven by 93.4% during the 1st quarter. Advisors Asset Management Inc. now owns 14,273 shares of the company’s stock valued at $781,000 after buying an additional 6,893 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Biohaven by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock worth $183,050,000 after buying an additional 212,699 shares during the last quarter. Virtu Financial LLC purchased a new position in Biohaven during the first quarter worth $455,000. Finally, Farallon Capital Management LLC increased its position in Biohaven by 6.5% during the first quarter. Farallon Capital Management LLC now owns 799,000 shares of the company’s stock valued at $43,697,000 after acquiring an additional 49,000 shares during the last quarter. Institutional investors own 88.78% of the company’s stock.

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.