Biohaven’s (BHVN) Outperform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Biohaven (NYSE:BHVN) in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a $59.00 price target on the stock.

A number of other research firms have also weighed in on BHVN. UBS Group dropped their price objective on shares of Biohaven from $55.00 to $54.00 and set a buy rating on the stock in a research note on Tuesday, August 13th. Morgan Stanley began coverage on shares of Biohaven in a research report on Wednesday, July 24th. They issued an overweight rating and a $58.00 price target on the stock. HC Wainwright reissued a buy rating and set a $59.00 price objective on shares of Biohaven in a report on Thursday, May 30th. Cantor Fitzgerald restated an overweight rating on shares of Biohaven in a report on Monday, August 19th. Finally, Sanford C. Bernstein began coverage on Biohaven in a report on Wednesday. They set an outperform rating and a $55.00 price target for the company. 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. Based on data from MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $54.44.

Biohaven Price Performance

Biohaven stock opened at $36.90 on Wednesday. The stock’s 50 day moving average is $37.81 and its 200 day moving average is $41.75. Biohaven has a one year low of $16.45 and a one year high of $62.21. The firm has a market cap of $3.26 billion, a P/E ratio of -5.40 and a beta of 1.30.

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

Insider Activity at Biohaven

In related news, Director John W. Childs purchased 28,400 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was purchased at an average cost of $35.67 per share, with a total value 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 purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 16.00% of the stock is owned by company insiders.

Institutional Trading of Biohaven

Hedge funds and other institutional investors have recently bought and sold shares of the company. Clearbridge Investments LLC grew its position in shares of Biohaven by 16.9% during 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 in the last quarter. Quarry LP boosted its stake in Biohaven by 614.3% during 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 grew its position in Biohaven by 5.9% during the second quarter. Algert Global LLC now owns 7,402 shares of the company’s stock worth $257,000 after buying an additional 412 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Biohaven by 12.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 183,772 shares of the company’s stock worth $6,379,000 after acquiring an additional 20,154 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Biohaven by 234.3% in the 2nd quarter. AQR Capital Management LLC now owns 54,361 shares of the company’s stock valued at $1,887,000 after acquiring an additional 38,101 shares in the last quarter. Institutional investors own 88.78% of the company’s stock.

About Biohaven

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.