Royal Bank of Canada Lowers Biohaven (NYSE:BHVN) Price Target to $66.00

Biohaven (NYSE:BHVN) had its target price lowered by Royal Bank of Canada from $68.00 to $66.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms also recently weighed in on BHVN. Robert W. Baird increased their price target on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. Piper Sandler increased their target price on shares of Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. HC Wainwright reissued a “buy” rating and issued a $59.00 price target on shares of Biohaven in a research report on Tuesday, September 24th. Jefferies Financial Group initiated coverage on shares of Biohaven in a report on Monday, September 16th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, Bank of America boosted their target price on shares of Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $63.42.

Biohaven Trading Down 2.5 %

Biohaven stock opened at $49.08 on Wednesday. The business’s 50 day simple moving average is $47.77 and its 200 day simple moving average is $40.82. Biohaven has a 12 month low of $26.80 and a 12 month high of $62.21. The company has a market cap of $4.64 billion, a price-to-earnings ratio of -5.25 and a beta of 1.31.

Insider Transactions at Biohaven

In related news, Director John W. Childs purchased 21,052 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were purchased at an average price of $47.50 per share, with a total value of $999,970.00. Following the acquisition, the director now directly owns 21,052 shares of the company’s stock, valued at approximately $999,970. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director John W. Childs bought 21,052 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was bought at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the transaction, the director now owns 21,052 shares of the company’s stock, valued at approximately $999,970. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory Bailey purchased 5,000 shares of the 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 transaction, the director now directly owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Biohaven by 280.5% in the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after purchasing an additional 4,650,702 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Biohaven by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock valued at $183,050,000 after buying an additional 212,699 shares during the last quarter. Farallon Capital Management LLC increased its holdings in shares of Biohaven by 181.4% in the second quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock worth $78,028,000 after buying an additional 1,449,000 shares during the period. Darwin Global Management Ltd. bought a new stake in shares of Biohaven in the 1st quarter valued at about $80,776,000. Finally, Armistice Capital LLC boosted its holdings in Biohaven by 74.8% during the 2nd quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock valued at $48,489,000 after acquiring an additional 597,705 shares during the period. 88.78% of the stock is currently owned by institutional investors.

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.