Biohaven (NYSE:BHVN) Receives “Outperform” Rating from Royal Bank of Canada

Biohaven (NYSE:BHVN)‘s stock had its “outperform” rating restated by analysts at Royal Bank of Canada in a report released on Wednesday,Benzinga reports. They presently have a $61.00 target price on the stock, up from their previous target price of $58.00. Royal Bank of Canada’s price target would suggest a potential upside of 30.96% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Piper Sandler increased their price target on shares of Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Leerink Partners boosted their price target on shares of Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Robert W. Baird lifted 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. UBS Group dropped their price target on Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $63.00.

Biohaven Stock Performance

NYSE:BHVN traded up $2.90 during trading on Wednesday, reaching $46.58. The company’s stock had a trading volume of 177,567 shares, compared to its average volume of 1,120,583. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of -4.98 and a beta of 1.24. Biohaven has a 12 month low of $26.80 and a 12 month high of $62.21. The firm has a 50 day moving average of $49.71 and a 200-day moving average of $41.52.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Equities research analysts forecast that Biohaven will post -8.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Biohaven

In other news, Director John W. Childs acquired 21,052 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was bought at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the acquisition, the director now directly owns 21,052 shares in the company, valued at approximately $999,970. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory Bailey bought 5,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was acquired at an average cost of $44.19 per share, with a total value of $220,950.00. Following the transaction, 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 position. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. nVerses Capital LLC purchased a new position in shares of Biohaven during the 3rd quarter worth $50,000. Redwood Wealth Management Group LLC purchased a new stake in Biohaven during the 2nd quarter valued at approximately $61,000. Values First Advisors Inc. purchased a new position in shares of Biohaven in the third quarter worth $78,000. US Bancorp DE boosted its position in shares of Biohaven by 57.1% during the third quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after acquiring an additional 790 shares during the last quarter. Finally, KBC Group NV increased its holdings in 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 last quarter. 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.