TD Cowen Forecasts Strong Price Appreciation for Biohaven (NYSE:BHVN) Stock

Biohaven (NYSE:BHVN) had its price objective boosted by equities research analysts at TD Cowen from $55.00 to $75.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 54.16% from the company’s previous close.

Several other research analysts have also weighed in on BHVN. Piper Sandler upped their price objective on shares of Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. William Blair raised shares of Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Jefferies Financial Group began coverage on Biohaven in a research report on Monday, September 16th. They set a “buy” rating and a $57.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $59.00 price objective on shares of Biohaven in a research report on Tuesday, September 24th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Biohaven presently has a consensus rating of “Buy” and an average price target of $63.42.

Biohaven Stock Performance

Shares of NYSE:BHVN opened at $48.65 on Wednesday. Biohaven has a 52 week low of $26.80 and a 52 week high of $62.21. The company has a market cap of $4.60 billion, a PE ratio of -5.20 and a beta of 1.31. The firm has a 50 day simple moving average of $48.01 and a 200 day simple moving average of $40.87.

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

Insider Activity at Biohaven

In related news, Director Gregory Bailey purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were bought at an average cost 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 trade represents a 0.31 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John W. Childs acquired 21,052 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were bought at an average cost of $47.50 per share, with a total value of $999,970.00. Following the transaction, the director now directly owns 21,052 shares of the company’s stock, valued at $999,970. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 16.00% of the stock is owned by corporate insiders.

Institutional Trading of Biohaven

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after acquiring an additional 4,650,702 shares in the last quarter. Darwin Global Management Ltd. acquired a new stake in Biohaven during the first quarter valued at approximately $80,776,000. Farallon Capital Management LLC grew its stake in shares of 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 purchasing an additional 1,449,000 shares during the period. Armistice Capital LLC raised its holdings in shares of Biohaven by 74.8% in the 2nd quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock worth $48,489,000 after buying an additional 597,705 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Biohaven by 563.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 508,622 shares of the company’s stock worth $25,416,000 after buying an additional 431,954 shares during the period. Institutional investors and hedge funds 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.