Biohaven (NYSE:BHVN) Price Target Raised to $60.00

Biohaven (NYSE:BHVN) had its price objective lifted by Leerink Partners from $55.00 to $60.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also recently issued reports on BHVN. Cantor Fitzgerald reissued an overweight rating on shares of Biohaven in a report on Monday, August 19th. Piper Sandler boosted their target price on Biohaven from $66.00 to $76.00 and gave the stock an overweight rating in a report on Monday. Royal Bank of Canada reaffirmed an outperform rating and set a $59.00 price target on shares of Biohaven in a report on Wednesday, September 4th. William Blair raised Biohaven to a strong-buy rating in a research note on Friday, August 30th. Finally, Morgan Stanley began coverage on Biohaven in a research note on Wednesday, July 24th. They issued an overweight rating and a $58.00 target price for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Biohaven has a consensus rating of Buy and an average target price of $60.92.

Biohaven Stock Up 9.3 %

Shares of BHVN opened at $49.22 on Monday. Biohaven has a 12 month low of $17.17 and a 12 month high of $62.21. The stock has a market cap of $4.65 billion, a price-to-earnings ratio of -7.21 and a beta of 1.30. The company has a 50-day moving average price of $38.90 and a two-hundred day moving average price of $40.71.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($3.64) EPS for the quarter, missing the consensus estimate of ($1.72) by ($1.92). Equities research analysts expect that Biohaven will post -8.92 EPS for the current fiscal year.

Insider Activity

In other Biohaven news, Director John W. Childs acquired 28,400 shares of Biohaven stock in a transaction 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 completion of the purchase, the director now owns 2,339,741 shares in the company, valued at $83,458,561.47. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director John W. Childs bought 28,400 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were purchased at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the purchase, the director now owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gregory Bailey purchased 5,000 shares of the stock in a transaction dated Tuesday, September 24th. The stock was bought 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 in the company, valued at $71,590,937.49. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Institutional Trading of Biohaven

A number of large investors have recently made changes to their positions in the company. Redwood Wealth Management Group LLC bought a new position in Biohaven during the second quarter worth about $61,000. Elkhorn Partners Limited Partnership bought a new stake in shares of Biohaven in the second quarter worth about $125,000. Quarry LP raised its position in shares of Biohaven by 614.3% during 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 during the period. Prevail Innovative Wealth Advisors LLC bought a new position in shares of Biohaven during the 4th quarter valued at about $230,000. Finally, Capstone Investment Advisors LLC bought a new position in shares of Biohaven during the 4th quarter valued at about $235,000. 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.