Bank of America Increases Biohaven (NYSE:BHVN) Price Target to $62.00

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

Several other brokerages also recently weighed in on BHVN. Morgan Stanley assumed coverage on Biohaven in a research note on Wednesday, July 24th. They set an overweight rating and a $58.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of Biohaven in a research note on Monday, September 16th. They set a buy rating and a $57.00 price objective on the stock. Piper Sandler increased their target price on shares of Biohaven from $66.00 to $76.00 and gave the company an overweight rating in a research report on Monday, September 23rd. Robert W. Baird boosted their price target on shares of Biohaven from $58.00 to $60.00 and gave the stock an outperform rating in a research report on Monday, September 23rd. Finally, Cantor Fitzgerald reiterated an overweight rating on shares of Biohaven in a report on Tuesday. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Biohaven currently has a consensus rating of Buy and an average target price of $60.92.

Biohaven Stock Down 0.4 %

BHVN stock opened at $51.00 on Tuesday. The stock has a market cap of $4.50 billion, a PE ratio of -7.47 and a beta of 1.30. The firm’s 50-day simple moving average is $39.53 and its 200 day simple moving average is $40.75. Biohaven has a fifty-two week low of $22.12 and a fifty-two week high of $62.21.

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 analysts forecast that Biohaven will post -8.92 EPS for the current fiscal year.

Insider Activity at Biohaven

In other Biohaven news, Director Gregory Bailey purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were purchased at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the transaction, the director now owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Gregory Bailey acquired 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The stock was acquired at an average cost of $44.19 per share, with a total value of $220,950.00. Following the purchase, the director now directly owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John W. Childs bought 28,400 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was bought at an average price 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 in the company, valued at $83,458,561.47. The disclosure for this purchase can be found here. Company insiders own 16.00% of the company’s stock.

Institutional Trading of Biohaven

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Redwood Wealth Management Group LLC acquired a new position in shares of Biohaven in the second quarter worth about $61,000. Elkhorn Partners Limited Partnership purchased a new stake in shares of Biohaven in the 2nd quarter valued at approximately $125,000. Quarry LP boosted its stake in Biohaven by 614.3% in the 2nd 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 purchased a new position in Biohaven during the 4th quarter worth approximately $230,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Biohaven during the 4th quarter valued at $235,000. 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.