Biohaven (NYSE:BHVN) Given New $58.00 Price Target at Royal Bank of Canada

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

Other equities analysts also recently issued research reports about the company. Bank of America increased their price target on Biohaven from $52.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Jefferies Financial Group began coverage on shares of Biohaven in a report on Monday, September 16th. They set a “buy” rating and a $57.00 target price on the stock. UBS Group reduced their price target on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Sanford C. Bernstein increased their price objective on shares of Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Finally, Robert W. Baird lifted their price target on Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Biohaven presently has a consensus rating of “Buy” and a consensus price target of $62.75.

Biohaven Price Performance

BHVN stock opened at $45.21 on Monday. Biohaven has a 12 month low of $26.80 and a 12 month high of $62.21. The firm’s 50-day moving average is $49.10 and its 200 day moving average is $41.10. The company has a market capitalization of $4.57 billion, a PE ratio of -4.84 and a beta of 1.31.

Biohaven (NYSE:BHVN) last issued its earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Sell-side analysts forecast that Biohaven will post -8.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Gregory Bailey acquired 5,000 shares of the stock in a transaction dated Tuesday, September 24th. The stock was acquired at an average cost of $44.19 per share, for a total transaction 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. This represents a 0.31 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John W. Childs acquired 21,052 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were bought at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the acquisition, the director now directly owns 21,052 shares of the company’s stock, valued at approximately $999,970. The trade was a ? increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Institutional investors and hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in Biohaven in the 3rd quarter worth approximately $246,000. Geode Capital Management LLC boosted its holdings in shares of Biohaven by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,714,612 shares of the company’s stock valued at $85,696,000 after acquiring an additional 44,174 shares during the last quarter. Barclays PLC increased its stake in shares of Biohaven by 87.6% in the third quarter. Barclays PLC now owns 268,077 shares of the company’s stock worth $13,396,000 after acquiring an additional 125,189 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of Biohaven during the third quarter worth $1,339,000. Finally, XTX Topco Ltd raised its holdings in shares of Biohaven by 278.5% during the third quarter. XTX Topco Ltd now owns 32,510 shares of the company’s stock worth $1,625,000 after purchasing an additional 23,921 shares during the last quarter. Institutional investors and hedge funds 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.