JPMorgan Chase & Co. Raises Biohaven (NYSE:BHVN) Price Target to $68.00

Biohaven (NYSE:BHVN) had its price objective hoisted by JPMorgan Chase & Co. from $55.00 to $68.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts have also issued research reports about the company. Royal Bank of Canada upped their price objective on Biohaven from $59.00 to $68.00 and gave the company an outperform rating in a report on Tuesday, September 24th. Morgan Stanley initiated coverage on shares of Biohaven in a report on Wednesday, July 24th. They issued an overweight rating and a $58.00 price target for the company. Piper Sandler lifted their price objective on shares of Biohaven from $66.00 to $76.00 and gave the stock an overweight rating in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated an overweight rating on shares of Biohaven in a report on Tuesday, September 24th. Finally, Jefferies Financial Group started coverage on shares of Biohaven in a report on Monday, September 16th. They set a buy rating and a $57.00 target price for the company. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of Buy and an average price target of $61.92.

Biohaven Trading Down 2.8 %

Biohaven stock opened at $46.65 on Thursday. Biohaven has a 52 week low of $22.12 and a 52 week high of $62.21. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of -6.83 and a beta of 1.30. The company’s 50-day moving average price is $40.21 and its two-hundred day moving average price is $40.44.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($3.64) EPS for the quarter, missing analysts’ consensus estimates of ($1.72) by ($1.92). Research analysts expect that Biohaven will post -8.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Biohaven

In other Biohaven news, Director John W. Childs acquired 28,400 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was purchased at an average cost of $35.67 per share, for a total transaction of $1,013,028.00. Following the transaction, the director now owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Gregory Bailey purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were 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 owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John W. Childs acquired 28,400 shares of Biohaven stock in a transaction that occurred on Thursday, July 18th. The shares were purchased at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the transaction, the director now owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The disclosure for this purchase can be found here. Insiders have bought a total of 54,452 shares of company stock valued at $2,233,948 in the last three months. 16.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently made changes to their positions in the company. Clearbridge Investments LLC increased its stake in shares of Biohaven by 16.9% during the 2nd quarter. Clearbridge Investments LLC now owns 479,369 shares of the company’s stock worth $16,639,000 after purchasing an additional 69,180 shares during the last quarter. Quarry LP boosted its holdings in Biohaven by 614.3% in the second quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $174,000 after purchasing an additional 4,300 shares in the last quarter. Algert Global LLC increased its position in Biohaven by 5.9% during the second quarter. Algert Global LLC now owns 7,402 shares of the company’s stock worth $257,000 after buying an additional 412 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Biohaven by 12.3% during the second quarter. The Manufacturers Life Insurance Company now owns 183,772 shares of the company’s stock valued at $6,379,000 after buying an additional 20,154 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Biohaven by 234.3% in the second quarter. AQR Capital Management LLC now owns 54,361 shares of the company’s stock worth $1,887,000 after buying an additional 38,101 shares during the last quarter. 88.78% of the stock is owned by hedge funds and other institutional investors.

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.