Morgan Stanley Begins Coverage on Biohaven (NYSE:BHVN)

Morgan Stanley assumed coverage on shares of Biohaven (NYSE:BHVN) in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $58.00 target price on the stock.

BHVN has been the subject of several other research reports. HC Wainwright reiterated a buy rating and issued a $59.00 price objective on shares of Biohaven in a research report on Thursday, May 30th. Royal Bank of Canada reissued an outperform rating and set a $59.00 price target on shares of Biohaven in a research note on Tuesday, June 18th. UBS Group boosted their price objective on shares of Biohaven from $59.00 to $60.00 and gave the stock a buy rating in a research report on Tuesday, April 23rd. Finally, Cantor Fitzgerald reiterated an overweight rating on shares of Biohaven in a research report on Thursday, May 30th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $55.13.

Biohaven Trading Up 2.4 %

Shares of Biohaven stock opened at $41.21 on Wednesday. The company has a market cap of $3.64 billion, a price-to-earnings ratio of -6.03 and a beta of 1.32. Biohaven has a 1 year low of $16.45 and a 1 year high of $62.21. The company’s fifty day simple moving average is $35.57 and its 200-day simple moving average is $43.35.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($2.20) earnings per share for the quarter, missing the consensus estimate of ($1.50) by ($0.70). As a group, research analysts forecast that Biohaven will post -7.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Biohaven news, Director John W. Childs bought 28,400 shares of Biohaven stock in a transaction dated Thursday, July 18th. The stock was bought at an average cost of $35.67 per share, for a total transaction of $1,013,028.00. Following the purchase, the director now owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director John W. Childs acquired 28,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was bought at an average cost of $35.58 per share, for a total transaction of $996,240.00. Following the completion of the transaction, the director now directly owns 2,311,341 shares of the company’s stock, valued at $82,237,512.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John W. Childs bought 28,400 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were purchased at an average cost of $35.67 per share, with a total value of $1,013,028.00. Following the purchase, the director now directly owns 2,339,741 shares of the company’s stock, valued at $83,458,561.47. The disclosure for this purchase can be found here. Insiders have purchased 84,900 shares of company stock valued at $3,011,613 in the last 90 days. 16.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BHVN. Thompson Davis & CO. Inc. purchased a new stake in Biohaven in the 4th quarter worth about $214,000. Prevail Innovative Wealth Advisors LLC bought a new stake in shares of Biohaven in the fourth quarter valued at approximately $230,000. Private Advisor Group LLC purchased a new stake in shares of Biohaven during the 4th quarter valued at approximately $231,000. Capstone Investment Advisors LLC bought a new position in Biohaven in the 4th quarter worth approximately $235,000. Finally, Cypress Wealth Services LLC purchased a new position in Biohaven in the 1st quarter valued at approximately $326,000. Hedge funds and other institutional investors 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.