Royal Bank of Canada Reiterates “Outperform” Rating for Biohaven (NYSE:BHVN)

Royal Bank of Canada reaffirmed their outperform rating on shares of Biohaven (NYSE:BHVN) in a research report sent to investors on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a $59.00 target price on the stock.

BHVN has been the topic of several other reports. Cantor Fitzgerald reaffirmed an overweight rating on shares of Biohaven in a research report on Monday, August 19th. HC Wainwright restated a buy rating and issued a $59.00 price target on shares of Biohaven in a report on Thursday, May 30th. Morgan Stanley began coverage on Biohaven in a report on Wednesday, July 24th. They set an overweight rating and a $58.00 price objective for the company. UBS Group dropped their target price on Biohaven from $55.00 to $54.00 and set a buy rating on the stock in a research report on Tuesday, August 13th. Finally, Sanford C. Bernstein began coverage on Biohaven in a research report on Wednesday. They set an outperform rating and a $55.00 price target for the company. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Buy and an average price target of $54.44.

Biohaven Stock Performance

Shares of NYSE:BHVN opened at $36.90 on Wednesday. Biohaven has a 52 week low of $16.45 and a 52 week high of $62.21. The company has a 50 day moving average price of $37.81 and a two-hundred day moving average price of $41.79. The company has a market capitalization of $3.26 billion, a PE ratio of -5.40 and a beta of 1.30.

Biohaven (NYSE:BHVN) last posted 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). On average, sell-side analysts forecast that Biohaven will post -8.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director John W. Childs acquired 28,400 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was bought 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 approximately $83,458,561.47. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

A number of institutional investors and hedge funds have recently modified their holdings of BHVN. Vanguard Group Inc. increased its position in Biohaven by 280.5% during the first quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock worth $345,031,000 after buying an additional 4,650,702 shares during the last quarter. Darwin Global Management Ltd. acquired a new position in shares of Biohaven during the 1st quarter worth approximately $80,776,000. Point72 Asset Management L.P. increased its holdings in shares of Biohaven by 142.2% during the 4th quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock worth $106,297,000 after acquiring an additional 1,458,072 shares during the last quarter. Farallon Capital Management LLC raised its stake in Biohaven by 181.4% in the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock valued at $78,028,000 after acquiring an additional 1,449,000 shares during the period. Finally, Bellevue Group AG acquired a new stake in Biohaven during the 4th quarter valued at $46,010,000. 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.