Biohaven (NYSE:BHVN) Price Target Raised to $62.00

Biohaven (NYSE:BHVNFree Report) had its target price upped by Bank of America from $52.00 to $62.00 in a research note released on Tuesday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

A number of other brokerages also recently weighed in on BHVN. Sanford C. Bernstein lifted their target price on shares of Biohaven from $55.00 to $66.00 and gave the stock an outperform rating in a research note on Tuesday. Cantor Fitzgerald reissued an overweight rating on shares of Biohaven in a research note on Tuesday. Robert W. Baird lifted their target price on shares of Biohaven from $58.00 to $60.00 and gave the stock an outperform rating in a research note on Monday. Royal Bank of Canada lifted their target price on shares of Biohaven from $59.00 to $68.00 and gave the stock an outperform rating in a research note on Tuesday. Finally, Morgan Stanley initiated coverage on shares of Biohaven in a research note on Wednesday, July 24th. They set an overweight rating and a $58.00 target price for the company. Thirteen investment 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, the company presently has an average rating of Buy and an average target price of $60.92.

Get Our Latest Stock Analysis on BHVN

Biohaven Stock Performance

BHVN stock opened at $51.18 on Tuesday. The company has a fifty day moving average price of $39.23 and a 200-day moving average price of $40.78. The company has a market capitalization of $4.84 billion, a P/E ratio of -7.49 and a beta of 1.30. Biohaven has a 52-week low of $20.80 and a 52-week high of $62.21.

Biohaven (NYSE:BHVNGet Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($3.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.72) by ($1.92). As a group, sell-side analysts forecast that Biohaven will post -8.92 earnings per share for the current fiscal year.

Insider Activity

In other Biohaven news, Director Gregory Bailey acquired 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The stock was purchased at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the acquisition, the director now directly owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Biohaven news, Director John W. Childs acquired 28,400 shares of Biohaven stock in a transaction dated 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 completion of the acquisition, the director now directly owns 2,339,741 shares of the company’s stock, valued at $83,458,561.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory Bailey acquired 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The shares were acquired at an average price of $44.19 per share, with a total value of $220,950.00. Following the completion of the acquisition, the director now directly owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BHVN. Principal Financial Group Inc. lifted its position in shares of Biohaven by 47.6% during the fourth quarter. Principal Financial Group Inc. now owns 27,935 shares of the company’s stock valued at $1,196,000 after purchasing an additional 9,005 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Biohaven by 31.0% during the fourth quarter. TD Asset Management Inc now owns 276,172 shares of the company’s stock valued at $11,820,000 after purchasing an additional 65,426 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Biohaven by 7.9% during the fourth quarter. Stifel Financial Corp now owns 6,225,811 shares of the company’s stock valued at $266,465,000 after purchasing an additional 456,062 shares in the last quarter. Capstone Investment Advisors LLC bought a new position in shares of Biohaven during the fourth quarter valued at about $235,000. Finally, Prevail Innovative Wealth Advisors LLC bought a new position in shares of Biohaven during the fourth quarter valued at about $230,000. 88.78% of the stock is owned by institutional investors.

Biohaven Company Profile

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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.

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