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

Biohaven (NYSE:BHVN) 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.

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:BHVN) 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

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.