Biohaven (NYSE:BHVN) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Biohaven (NYSE:BHVN) in a research report report published on Wednesday, Benzinga reports. They currently have a $59.00 price objective on the stock.

A number of other research analysts have also recently issued reports on the company. Cantor Fitzgerald reissued an overweight rating on shares of Biohaven in a report on Monday, August 19th. UBS Group cut 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 initiated coverage on shares of Biohaven in a research note on Wednesday. They set an outperform rating and a $55.00 price objective on the stock. Morgan Stanley assumed coverage on shares of Biohaven in a report on Wednesday, July 24th. They set an overweight rating and a $58.00 price objective for the company. Finally, HC Wainwright reissued a buy rating and issued a $59.00 target price on shares of Biohaven in a report on Thursday, May 30th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Buy and an average price target of $54.44.

Biohaven Stock Down 0.1 %

Shares of BHVN opened at $36.90 on Wednesday. The company has a 50-day moving average price of $37.81 and a two-hundred day moving average price of $41.79. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of -5.40 and a beta of 1.30. Biohaven has a 12 month low of $16.45 and a 12 month high of $62.21.

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

Insider Activity at Biohaven

In other 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 price of $35.67 per share, with a total value of $1,013,028.00. Following the acquisition, 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 available through this link. 16.00% of the stock is currently owned by company insiders.

Institutional Trading of Biohaven

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clearbridge Investments LLC boosted its stake in shares of Biohaven by 16.9% in the 2nd quarter. Clearbridge Investments LLC now owns 479,369 shares of the company’s stock valued at $16,639,000 after purchasing an additional 69,180 shares during the last quarter. Quarry LP lifted its holdings in Biohaven by 614.3% in the second quarter. Quarry LP now owns 5,000 shares of the company’s stock valued at $174,000 after buying an additional 4,300 shares during the period. Algert Global LLC lifted its holdings in Biohaven by 5.9% in the second quarter. Algert Global LLC now owns 7,402 shares of the company’s stock valued at $257,000 after buying an additional 412 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Biohaven by 12.3% in the second quarter. The Manufacturers Life Insurance Company now owns 183,772 shares of the company’s stock valued at $6,379,000 after acquiring an additional 20,154 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Biohaven by 234.3% during the 2nd quarter. AQR Capital Management LLC now owns 54,361 shares of the company’s stock worth $1,887,000 after acquiring an additional 38,101 shares during the period. 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.