Biohaven (NYSE:BHVN) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Biohaven (NYSE:BHVN) in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage issued a buy rating and a $57.00 target price on the stock.

Several other research analysts have also recently issued reports on BHVN. William Blair raised Biohaven to a strong-buy rating in a report on Friday, August 30th. UBS Group dropped their price target on Biohaven from $55.00 to $54.00 and set a buy rating on the stock in a report on Tuesday, August 13th. Sanford C. Bernstein assumed coverage on Biohaven in a report on Wednesday, September 4th. They issued an outperform rating and a $55.00 price target on the stock. Royal Bank of Canada reaffirmed an outperform rating and issued a $59.00 price target on shares of Biohaven in a report on Wednesday, September 4th. Finally, Cantor Fitzgerald reaffirmed an overweight rating on shares of Biohaven in a report on Monday, August 19th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $54.70.

Biohaven Price Performance

Shares of NYSE:BHVN opened at $39.40 on Monday. Biohaven has a 12 month low of $16.45 and a 12 month high of $62.21. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of -5.77 and a beta of 1.30. The stock’s 50 day moving average price is $38.19 and its 200 day moving average price is $41.20.

Biohaven (NYSE:BHVN) last announced its earnings results on Thursday, August 8th. The company reported ($3.64) EPS for the quarter, missing the consensus estimate of ($1.72) by ($1.92). On average, sell-side analysts expect that Biohaven will post -8.92 EPS for the current year.

Insiders Place Their Bets

In related news, Director John W. Childs purchased 28,400 shares of the stock in a transaction dated Thursday, July 18th. The shares were acquired at an average cost of $35.67 per share, for a total transaction of $1,013,028.00. Following the acquisition, the director now directly owns 2,339,741 shares in the company, valued at approximately $83,458,561.47. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Several institutional investors and hedge funds have recently modified their holdings of BHVN. Redwood Wealth Management Group LLC purchased a new position in shares of Biohaven during the 2nd quarter valued at $61,000. Elkhorn Partners Limited Partnership purchased a new position in shares of Biohaven during the 2nd quarter valued at $125,000. Quarry LP grew its holdings in shares of Biohaven by 614.3% during the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock valued at $174,000 after acquiring an additional 4,300 shares in the last quarter. Prevail Innovative Wealth Advisors LLC purchased a new position in shares of Biohaven during the 4th quarter valued at $230,000. Finally, Private Advisor Group LLC purchased a new position in shares of Biohaven during the 4th quarter valued at $231,000. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

Biohaven Company Profile

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.