Robert W. Baird Issues Pessimistic Forecast for Biohaven (NYSE:BHVN) Stock Price

Biohaven (NYSE:BHVN) had its price target dropped by stock analysts at Robert W. Baird from $60.00 to $57.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s target price suggests a potential upside of 187.81% from the company’s previous close.

Several other brokerages also recently commented on BHVN. Deutsche Bank Aktiengesellschaft set a $60.00 target price on Biohaven and gave the stock a “buy” rating in a report on Thursday, March 20th. Morgan Stanley lowered their target price on Biohaven from $69.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. JPMorgan Chase & Co. cut their price target on Biohaven from $72.00 to $68.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research report on Thursday. Finally, HC Wainwright reiterated a “buy” rating and set a $54.00 target price on shares of Biohaven in a research report on Tuesday, March 4th. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Biohaven has a consensus rating of “Buy” and an average target price of $62.54.

Biohaven Stock Performance

NYSE:BHVN opened at $19.81 on Monday. The company has a market cap of $2.02 billion, a price-to-earnings ratio of -2.12 and a beta of 1.33. Biohaven has a 52-week low of $15.79 and a 52-week high of $55.70. The firm’s 50-day moving average is $26.44 and its 200-day moving average is $37.41.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($1.56) by ($0.29). Equities analysts predict that Biohaven will post -8.9 EPS for the current year.

Insider Activity

In other news, Director John W. Childs acquired 32,700 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the completion of the acquisition, the director now owns 2,320,571 shares in the company, valued at $70,707,798.37. This represents a 1.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 16.00% of the stock is owned by company insiders.

Institutional Trading of Biohaven

Hedge funds and other institutional investors have recently made changes to their positions in the business. Teacher Retirement System of Texas boosted its position in Biohaven by 31.6% during the fourth quarter. Teacher Retirement System of Texas now owns 23,320 shares of the company’s stock valued at $871,000 after purchasing an additional 5,600 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Biohaven by 9.1% in the fourth quarter. Bank of New York Mellon Corp now owns 295,078 shares of the company’s stock valued at $11,021,000 after purchasing an additional 24,703 shares during the period. JPMorgan Chase & Co. lifted its position in Biohaven by 85.4% during the third quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company’s stock worth $40,448,000 after acquiring an additional 372,737 shares during the last quarter. American Century Companies Inc. increased its position in Biohaven by 9.5% during the 4th quarter. American Century Companies Inc. now owns 558,761 shares of the company’s stock worth $20,870,000 after buying an additional 48,286 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in Biohaven by 6.6% in the 4th quarter. Alliancebernstein L.P. now owns 96,236 shares of the company’s stock valued at $3,594,000 after purchasing an additional 5,951 shares during the period. 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.