Biohaven (NYSE:BHVN) Receives “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Biohaven (NYSE:BHVN) in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a $61.00 price target on the stock.

Other equities research analysts have also recently issued reports about the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft started coverage on shares of Biohaven in a research report on Tuesday, February 11th. They issued a “buy” rating and a $65.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $59.00 price objective on shares of Biohaven in a research report on Tuesday, December 17th. Finally, TD Cowen upped their target price on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Biohaven presently has a consensus rating of “Buy” and a consensus target price of $62.77.

Biohaven Trading Down 2.0 %

BHVN stock opened at $31.40 on Tuesday. The company has a market cap of $3.18 billion, a price-to-earnings ratio of -3.36 and a beta of 1.27. The firm has a 50 day moving average of $38.16 and a 200-day moving average of $42.71. Biohaven has a 12-month low of $26.80 and a 12-month high of $62.21.

Biohaven (NYSE:BHVN) last posted its earnings results on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). Sell-side analysts forecast that Biohaven will post -8.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director John W. Childs acquired 29,000 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were acquired at an average cost of $35.94 per share, for a total transaction of $1,042,260.00. Following the acquisition, the director now directly owns 2,368,741 shares in the company, valued at approximately $85,132,551.54. The trade was a 1.24 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 16.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biohaven

Several institutional investors and hedge funds have recently bought and sold shares of BHVN. Point72 Asset Management L.P. boosted its holdings in shares of Biohaven by 745.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock valued at $74,969,000 after purchasing an additional 1,322,922 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Biohaven by 144.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,979,169 shares of the company’s stock worth $73,922,000 after buying an additional 1,169,721 shares during the period. Norges Bank acquired a new position in Biohaven in the fourth quarter valued at $33,711,000. Farallon Capital Management LLC grew its position in Biohaven by 21.6% during the fourth quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock valued at $165,392,000 after acquiring an additional 785,578 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Biohaven by 12.1% during the fourth quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock worth $260,735,000 after acquiring an additional 756,032 shares during the last quarter. Institutional investors and hedge funds 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.