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

Biohaven (NYSE:BHVN) had its target price cut by Royal Bank of Canada from $68.00 to $66.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 37.33% from the company’s current price.

BHVN has been the subject of several other reports. Robert W. Baird upped their price objective on shares of Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. UBS Group cut their price target on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Leerink Partners upped their target price on shares of Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Sanford C. Bernstein upped their price target on shares of Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Finally, Morgan Stanley assumed coverage on shares of Biohaven in a research report on Wednesday, July 24th. They set an “overweight” rating and a $58.00 price objective on the stock. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $63.42.

Biohaven Price Performance

Shares of BHVN stock traded down $0.60 on Wednesday, hitting $48.06. 37,390 shares of the company’s stock traded hands, compared to its average volume of 1,132,291. The company’s fifty day simple moving average is $48.01 and its 200 day simple moving average is $40.87. Biohaven has a one year low of $26.80 and a one year high of $62.21.

Biohaven (NYSE:BHVN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Research analysts predict that Biohaven will post -8.81 earnings per share for the current year.

Insider Activity

In other Biohaven news, Director John W. Childs bought 21,052 shares of Biohaven stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the acquisition, the director now owns 21,052 shares of the company’s stock, valued at approximately $999,970. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory Bailey acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was purchased 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. This trade represents a 0.31 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

A number of institutional investors have recently modified their holdings of the company. Bamco Inc. NY increased its stake in shares of Biohaven by 28.6% in the 3rd quarter. Bamco Inc. NY now owns 45,000 shares of the company’s stock valued at $2,249,000 after buying an additional 10,000 shares during the period. Erste Asset Management GmbH bought a new stake in Biohaven during the third quarter worth about $2,616,000. Fred Alger Management LLC lifted its holdings in shares of Biohaven by 44.3% in the third quarter. Fred Alger Management LLC now owns 58,142 shares of the company’s stock worth $2,905,000 after acquiring an additional 17,848 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of Biohaven in the third quarter valued at approximately $293,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Biohaven during the 3rd quarter valued at approximately $250,000. Institutional investors 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.