Royal Bank of Canada Issues Pessimistic Forecast for Biohaven (NYSE:BHVN) Stock Price

Biohaven (NYSE:BHVN) had its price objective cut by Royal Bank of Canada from $68.00 to $66.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts have also recently issued research reports about the stock. UBS Group lowered their target price 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. Robert W. Baird boosted their target price on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Piper Sandler upped their target price on Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Sanford C. Bernstein lifted their price target on Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $63.42.

Biohaven Stock Down 8.8 %

BHVN opened at $44.39 on Wednesday. The company’s 50-day moving average price is $48.16 and its 200 day moving average price is $40.92. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of -4.75 and a beta of 1.31. Biohaven has a fifty-two week low of $26.80 and a fifty-two week high of $62.21.

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

Insider Transactions at Biohaven

In related news, Director John W. Childs purchased 21,052 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were acquired at an average cost of $47.50 per share, with a total value of $999,970.00. Following the completion of the purchase, the director now owns 21,052 shares of the company’s stock, valued at $999,970. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory Bailey purchased 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The shares were purchased at an average price of $44.19 per share, with a total value of $220,950.00. Following the completion of the acquisition, the director now owns 1,620,071 shares in the company, valued at $71,590,937.49. The trade was a 0.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Biohaven

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in shares of Biohaven in the first quarter valued at approximately $644,000. Swiss National Bank lifted its position in Biohaven by 6.3% during the 1st quarter. Swiss National Bank now owns 142,500 shares of the company’s stock worth $7,793,000 after acquiring an additional 8,400 shares during the last quarter. Sei Investments Co. boosted its holdings in Biohaven by 25.4% during the first quarter. Sei Investments Co. now owns 18,440 shares of the company’s stock valued at $1,008,000 after acquiring an additional 3,730 shares during the period. ProShare Advisors LLC grew its position in shares of Biohaven by 8.5% in the first quarter. ProShare Advisors LLC now owns 12,291 shares of the company’s stock valued at $672,000 after purchasing an additional 967 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new position in shares of Biohaven in the first quarter worth about $7,276,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.