Biohaven (NYSE:BHVN) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Biohaven (NYSE:BHVN) had its price objective raised by equities researchers at Canaccord Genuity Group from $21.00 to $32.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group‘s target price suggests a potential upside of 107.62% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Royal Bank Of Canada increased their target price on shares of Biohaven from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Friday, October 23rd. Robert W. Baird set a $48.00 price objective on shares of Biohaven in a research note on Thursday, October 22nd. Citigroup restated a “buy” rating on shares of Biohaven in a report on Friday, September 18th. TD Cowen reaffirmed a “buy” rating on shares of Biohaven in a research report on Wednesday, August 26th. Finally, Wall Street Zen upgraded Biohaven from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.94.

Biohaven Stock Performance

Shares of BHVN stock opened at $15.41 on Friday. The company has a debt-to-equity ratio of 21.23, a quick ratio of 3.05 and a current ratio of 3.05. The company has a market capitalization of $2.33 billion, a P/E ratio of -3.99 and a beta of 1.35. The company’s 50 day moving average price is $13.63 and its two-hundred day moving average price is $12.24. Biohaven has a 52 week low of $7.48 and a 52 week high of $18.24.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.15). On average, analysts expect that Biohaven will post -3.03 earnings per share for the current fiscal year.

Institutional Trading of Biohaven

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its stake in Biohaven by 52.5% in the first quarter. The Manufacturers Life Insurance Company now owns 202,975 shares of the company’s stock valued at $1,717,000 after buying an additional 69,894 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Biohaven in the first quarter valued at approximately $1,362,000. Quantinno Capital Management LP lifted its position in shares of Biohaven by 190.0% in the first quarter. Quantinno Capital Management LP now owns 121,554 shares of the company’s stock valued at $1,028,000 after buying an additional 79,640 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Biohaven by 1,145.9% in the first quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock valued at $148,214,000 after buying an additional 16,127,247 shares during the last quarter. Finally, NewEdge Wealth LLC bought a new position in shares of Biohaven during the 2nd quarter worth approximately $3,656,000. 88.78% of the stock is owned by institutional investors.

Biohaven Company Profile

Biohaven Ltd. (NYSE:BHVN) is a biopharmaceutical company focused on discovering, developing and commercializing therapies for neurological and neuropsychiatric diseases, as well as certain immunological and rare disorders. The company’s research activities include small-molecule medicines, monoclonal antibodies and other innovative therapeutic approaches.

Biohaven’s pipeline has included investigational treatments for conditions such as migraine, obsessive-compulsive disorder, spinal muscular atrophy, amyotrophic lateral sclerosis, mood disorders and autoimmune diseases.