HC Wainwright Reaffirms “Buy” Rating for Biohaven (NYSE:BHVN)

HC Wainwright reiterated their buy rating on shares of Biohaven (NYSE:BHVN) in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a $59.00 price objective on the stock.

A number of other research firms have also recently weighed in on BHVN. Piper Sandler upped their price target on shares of Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. William Blair raised shares of Biohaven to a “strong-buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a research report on Wednesday, October 23rd. Sanford C. Bernstein upped their price target on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Finally, Robert W. Baird raised their price objective on Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Biohaven has a consensus rating of “Buy” and a consensus target price of $62.75.

Biohaven Stock Down 0.8 %

Shares of NYSE:BHVN opened at $46.01 on Tuesday. Biohaven has a 52 week low of $26.80 and a 52 week high of $62.21. The company has a 50-day moving average price of $49.65 and a 200 day moving average price of $41.28. The company has a market cap of $4.65 billion, a P/E ratio of -4.92 and a beta of 1.31.

Biohaven (NYSE:BHVN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Analysts expect that Biohaven will post -8.85 EPS for the current year.

Insider Transactions at Biohaven

In other news, Director Gregory Bailey acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was acquired at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the acquisition, the director now directly owns 1,620,071 shares in the company, valued at approximately $71,590,937.49. This represents a 0.31 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 price of $47.50 per share, for a total transaction of $999,970.00. Following the acquisition, 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. Insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Hedge funds and other institutional investors have recently modified their holdings of the company. Algert Global LLC increased its position in Biohaven by 5.9% during the 2nd quarter. Algert Global LLC now owns 7,402 shares of the company’s stock worth $257,000 after purchasing an additional 412 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Biohaven by 0.5% in the third quarter. Franklin Resources Inc. now owns 79,705 shares of the company’s stock worth $4,206,000 after acquiring an additional 412 shares in the last quarter. KBC Group NV raised its stake in shares of Biohaven by 24.5% in the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after acquiring an additional 443 shares during the period. Hsbc Holdings PLC boosted its position in Biohaven by 6.1% during the 2nd quarter. Hsbc Holdings PLC now owns 8,291 shares of the company’s stock worth $286,000 after purchasing an additional 480 shares during the period. Finally, Canton Hathaway LLC boosted its position in Biohaven by 2.3% during the 2nd quarter. Canton Hathaway LLC now owns 21,850 shares of the company’s stock worth $758,000 after purchasing an additional 500 shares during the period. 88.78% of the stock is 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.